Seattle-area office tower sells for $320m
Hines is under contract to purchase two office buildings in Bellevue, Wash. The seller of The Summit I and II is Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec.
An official announcement has not been released; however, Real Capital Analytics estimated the sales price to be $320 million, or $611 per square foot, for the 524,000-square-foot office. The offering includes a development site for a future Summit III, totaling 330,000 square feet.
The office building is 95 percent occupied. Major tenants include Puget Sound Energy, Bright Horizons, Bentall Capital and CBRE.
Bellevue is a submarket of Seattle. The Seattle office market saw 93 office properties change hands in 2014 with a total sales volume of $2.1 billion, according to RCA. The four quarters each averaged $530.1 million in sales price. Thus far this quarter, there have been five transactions, totaling $622.1 million in sales