American Assets Trust to Acquire $125M Office Park
The company has agreed to purchase the 280,000-square-foot, Eastgate Office Park in Bellevue, WA.
BELLEVUE, WA – American Assets Trust Inc. has entered into an agreement to acquire the 280,000-square-foot office campus, Eastgate Office Park, in Bellevue, WA for a purchase price of $125 million.
American Assets Trust is expected to purchase the asset with cash on hand.
The four building office campus is currently more than 95% leased to various tenants, with a weighted average lease term of three years.
Surrounded by a natural landscape, the property offers on-site amenities as well as walking trails and access to Interstate-90.
Eastgate Office Park recently obtained municipal approval for rezoning in order to increase the floor area ratio from 0.5 to 1; allowing for additional development opportunities.
The acquisition is subject to customary closing conditions.