X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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 GlobeSt.com. 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.