The Pacific Cataract and Laser Institute has sold its building at 2606 116th Avenue Northeast in Bellevue, Washington, to First Citizens Bank in a sale-leaseback for $18.5 million. Kidder Mathews EVP Jeff Chaney represented Pacific Cataract in selling the Class A office space, which the company purchased for $13.5 million in 2017.

The institute will lease back 15,522 square feet on the first floor of the 33,155-square-foot building, ensuring its ongoing presence at the location. “We are thrilled to have played a key role in helping Pacific Cataract and Laser Institute achieve their goals in this transaction,” said Chaney. “The sale-leaseback arrangement with First Citizens Bank will allow Pacific Cataract to focus on their core business operations, while also unlocking valuable capital for strategic initiatives.”

The property is situated just north of the Bel-Red Corridor, between the 405 and 520 freeways. It is minutes from retail attractions, Downtown Bellevue, and the new Spring District.