Swift Real Estate Partners has purchased the Bellevue 520 Corridor Office Portfolio from Schnitzer West and RMA.
520 Portfolio
Swift purchased the Bel Kirk 520 buildings for $26.7 million with the ground lease in place and the Centra Office Park for $32.6 million, expanding its presence in suburban Bellevue, Wash., to nearly 600,000 square feet.
“The 520 Portfolio is in an area with tremendous market demand due to its proximity to the area’s largest employers, coupled with easy access to significant highways and transit corridors,” said Pam Hirsch, president and COO with Schnitzer West. “Since Schnitzer West acquired the properties four years ago, we have made compelling improvements aligning with the needs of today’s tenants and creating spaces that appeal to a modern work force.”
Located at 11120–11130 NE 33rd Place in Bellevue, Bel Kirk 520 encompasses two, two-story buildings with 94,221 rentable square feet. Bel Kirk 520 recently underwent extensive capital improvements including the addition of the HUB, a standalone amenity building for tenants, bringing the “great room” concept, a signature element of Schnitzer West’s modern ground-up developments, to a new market. Bel Kirk 520 is currently 100 percent leased. Centra Office Park, a two-building, three-story development, is located at the northeast intersection of State Route 520 and I-405 and includes 91,706 rentable square feet, as well as an onsite micro market. The two-building development recently underwent a full building refresh to enhance its position in the market.
The 520 Portfolio is located in the highly sought-after 520 Corridor, a dynamic submarket in the Puget Sound region. Schnitzer West will continue to perform property management services for both Bel Kirk and Centra Office Park on behalf of Swift.
“This is our sixth office investment on the Eastside. We are extremely eager to continue expanding in this strong market built on low vacancy, limited supply and a healthy demand from technology tenants. We are confident in our current portfolio and are excited to add Bel Kirk 520 and Centra Office Park to provide positive returns to our investors,” said Christopher Peatross, CEO and founder of Swift Real Estate Partners.
