American Assets Trust has successfully closed on the acquisition of Bel-Spring 520, a multi-tenant office campus of about 93,000 square feet located on more than five acres just off the interchange of Interstate 405 and the 520 freeway, less than five minutes away from downtown Bellevue, Wash.
The sales price was $45.5 million.
Bel-Spring 520 is now about 69 percent leased to a diversified tenant base with contractual lease rates that the company views as below prevailing market rates for the submarket.
The two-building property features a campus-setting in a natural landscape with immediate highway access and a diverse rent roll of professional service, technology and financial service companies. The property is amenitized with a food market, showers and lockers, conference center, bike storage and renovated atrium lobbies, with an opportunity to make additional improvements comparable or superior to competing office projects. It’s within walking distance to
