homeWelcome, sign in or click here to subscribe.login
     


 

 

Real Estate


print  email to a friend  reprints add to mydjc  

May 9, 2016

SRO pays $185M for building in Bellevue

By JOURNAL STAFF

Courtesy Sterling Realty Organization [enlarge]

Sterling Realty Organization said it has purchased Symetra Financial Center, a 25-story, 450,000-square-foot office building at 777 108th Ave. N.E. in downtown Bellevue.

Property records show SRO paid $185 million for the 30-year-old structure that is home to Symetra Financial Corp.

SRO said in a press release it has owned the land under the building since the late 1950s. Tom Gilchrist, SRO's president, said in a statement that the building “complements our downtown holdings and is a natural evolution in our recent growth.”

The seller is an entity related to Walton Street Capital.

In 2013, the DJC reported that Symetra renewed its lease until 2025. The lease was for 218,350 square feet on 12 floors. Symetra first moved there in 2005.

Symetra Financial Center is almost 90 percent occupied, according to officespace.com.

SRO was founded in 1912 as a recreation and entertainment company, with theaters, bowling alleys and radio stations on the West Coast. The company changed course in the early 1990s to focus on real estate management and development. Today it owns and manages about 1.9 million square feet in Washington and Oregon.




Email or user name:
Password:
 
Forgot password? Click here.