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April 28, 2015

One Bellevue Center has sold for $150M

One Bellevue Center, a 21-story office tower at 411 108th Ave. N.E. in Bellevue, sold for $150 million, property records show.

The purchasing entity lists California State Teachers Retirement System as a member, and its Chicago address matches LaSalle Investment Management.

The seller is an entity related to Walton Street Capital of Chicago.

The price equates to about $415 per square foot for the 361,300-square-foot building.

One Bellevue Center is 96 percent leased, according to Matt Schreck of Broderick Group. Schreck and his colleague Grant Yerke are the leasing brokers.

EBay is one of the bigger tenants, with 90,000 square feet. Other tenants are Walgreens subsidiary drugstore.com and Southern Wine & Spirits.

Walton Street got One Bellevue Center and 10 other properties in the region several years ago when the previous owner defaulted on a loan. Talon Portfolio Services was appointed by a court to fix up the buildings to help lease them up.

Last summer Walton Street put nine office properties in this region up for sale. Last November it sold the 15-building Bellefield Office Park in Bellevue for $120 million, and it sold 1111 Third Avenue and Second & Spring in Seattle for $280 million.

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