SEATTLE, March 4, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Crestwood Corporate Plaza, an office building with 74,442 square feet of available space in Bellevue, Washington. The asset sold for $23,575,000, which equates to $317 per square foot.
“Demand for Eastside office space is so strong that in order to complete the sale we needed to negotiate the purchase of the law office next door so the new owner can demolish it and create additional parking for the building,” said Leroy Lutu, senior associate in Marcus & Millichap’s Seattle office. “It is estimated that the Bellevue office market will triple in size by 2030. Currently, vacancy in the submarket is below 3%.” Lutu brokered the sale between the owner, who had purchased the building in 2003 for $4,950,000 and the buyer, a west coast private equity investor who has acquired a total of seven assets on the Eastside.
Constructed in 2001, Crestwood Corporate Plaza is adjacent to the Interstate 90 light rail station, near Interstate 90 and Interstate 405. The building is easily accessible from Downtown Seattle, Downtown Bellevue, and Tacoma. At the time of the sale, the property was approximately 60% occupied. Tenants include technology companies and regional service offices.
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With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.