Downtown Bellevue office tower sold
Price is 21 percent higher than in 2010
Seattle Times business reporter
Downtown Bellevue’s 26-story City Center Plaza office tower was sold Friday for 21 percent more than it fetched when it changed hands in 2010, according to county records.
An entity affiliated with Commonwealth Partners of Los Angeles paid Cole Real Estate Investments of Phoenix $374.65 million for the tower, records show.
That comes to about $655 per square foot for the 572,000-square-foot building, highest ever on the Eastside and similar to what Amazon.com is paying Vulcan Real Estate for its 11-building South Lake Union office complex.
Cole paid $309.96 million for City Center Plaza in July 2010. It is leased almost entirely to Microsoft until 2024.
The tower, at 110th Avenue Northeast and Northeast Sixth Street, was completed in 2008.
The buyer, Commonwealth, also owns the Russell Investments Center and Safeco Plaza in downtown Seattle.
Eric Pryne: email@example.com or 206-464-2231