Facebook, Amazon, Netflix, Google and Microsoft (FANG+M) tenants continue to migrate and grow footprints on the Eastside, which will likely continue to drive market fundamentals in favor of landlords, according to Newmark research. A recent sale reflects this phenomenon as Corporate Campus East III, a four-building multi-tenant office campus located in Bellevue’s 520 Corridor, recently sold for $83.85 million. The buyer was American Assets Trust.
The four-building campus spanning nearly 12 acres is located at 3001, 3005, 3009 and 3015 112th Avenue NE and consists of 160,508 rentable square feet. The campus is 83 percent leased with an aggregate weighted average remaining lease term of more than six years. The property recently underwent multiple renovation initiatives.
Newmark’s Kevin Shannon, Rob Hannan, Ken White and Michael Moll in cooperation with Nick Kucha, Joe Lynch, Dan Harden and Rachel Jones represented the seller, a partnership between Ares Management LLC and SteelWave.
“The Bellevue office market continues to perform with tremendous resiliency through the pandemic, making it one of if not the most desirable office investment markets in the nation,” said Shannon. “Capital continues to be drawn to Bellevue and the surrounding Eastside submarkets due to the stellar array of diverse economic drivers propelling the region.”
The 520 submarket currently has a direct vacancy rate of 6.5 percent while rental rates have surged approximately 20 percent in the last 10 quarters, according to Newmark research.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.