BELLEVUE, WA-TIAA-CREF has sold a 240,518-square-foot, seven-building office complex in this eastern suburb of Seattle to KBS Realty Advisors of Newport Beach, CA, for approximately $32.1 million, local industry sources tell The property, Ridgewood Corporate Center, was built in 1989 and is 85% leased.

While KBS declined to confirm the purchase price did confirm the age and occupancy rate of the complex, and the fact that City University leases 117,000 square feet in the building through 2012 and Healthcare Management Administrators leases 30,000 square feet through 2013. The asking rent for available space is currently $27.50 per square foot per year on a full-service basis.

Ridgewood Corporate Square is situated near the intersection of I-405 and I-90 and provides views of Lake Washington and the Bellevue and Seattle skylines. Located at 310-330 120th Ave. NE, the property sits near Home Depot, Best Buy, Larry’s Market and Bellevue Square.

The development consists of seven multi-level red brick buildings accented with black-tinted solar glass windows. Amenities include an on-site fitness center, conference center and a 3:1 parking ratio.

Grant Lammersen of Cushman & Wakefield in San Francisco represented TIAA-CREF in the transaction. KBS, which represented itself in the purchase, now owns nearly 600,000 square feet in Washington State in four properties. The company also owns North Creek Parkway Center in Bothell, Olympic Block in Seattle and Continental Plaza in Kirkland.

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