BELLEVUE, WA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Cole Real Estate Investments has completed its sale of City Center Plaza for $374.7 million. The buyer was an affiliate of CommonWealth Parners LLC.
As GlobeSt.com previously reported, Cole Credit Property Trust III Inc. purchased the 582,000-square-foot class-A asset in July 2010 for $310 million from Beacon Capital Partners. According to Cole, reason for the sale is to “capitalize on current market opportunities to capture value for its shareholders with the sale.”
The 26-tower serves as the headquarters for Microsoft Bing, which occupies 96.3% of the building. With this disposition, Cole-related entities have completed more than $2.6 billion of commercial real estate transactions year-to-date, and the firm is on pace for another record-setting year.
Check back with GlobeSt.com for an update on the story.
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