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Preylock Picks Up Bellevue Campus for $117M

Los Angeles-based Preylock Real Estate Holdings acquired 90 North, a four-building, 256,703-square-foot office campus in Bellevue, WA for $117 million. The seller was a partnership between Chicago-based Walton Street Capital, L.L.C. and Seattle-based Talon Private Capital, LLC.

Built in phases between 1983 and 1991, 90 North is situated on roughly 20 acres at 3255, 3265, 3156 and 3067 160th Ave. SE. Two tenants, T-Mobile and Mindtree, fully occupy the asset.

A JLL Capital Markets team of Logan Greer, Kevin Freels, Michael Leggett and Gerry Rohm represented the buyer. NKF’s Kevin Shannon, Nick Kucha, Ken White, Tim O’Keefe, Mike Schreck, Michael Moll, James Childress and Rachel Jones represented the seller in the off-market transaction.

Shannon says, “This stabilized campus was sold off-market, which is unusual. NKF worked with the seller to determine an estimated value range which was met with Preylock’s preemptive offer.”

The NKF team had sold the property in 2017 on behalf Boeing to affiliates of Walton Street Capital and Talon Private Capital for $35.75 million as a value-add repositioning opportunity.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition