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April 4, 2016

Sunset North I-90 fetches $155.3M

Courtesy Officespace.com [enlarge]

An office campus along Interstate 90 in Bellevue called Sunset North has sold for $155.3 million.

The deal includes three office buildings with about 477,120 square feet at 3120-3180 139th Ave. S.E., a parking lot and two adjacent vacant lots, according to property records.

The buyers are Sunset North LLC — an entity that state records show shares an address with General Electric Asset Management — and M-M Properties of Houston. M-M previously owned the Exchange Building at 821 Second Ave. in Seattle, and its website says it has extensive relationships with numerous institutional partners including GE's Pension Trust.

The seller is an entity related to Beacon Capital Partners of Boston. Beacon got the complex in 2007 as part of its purchase of Equity Office Properties' local portfolio from Blackstone Group.

Officespace.com shows that all but about 2 percent of the space in the three buildings is leased.




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