Onward Investors, a national commercial real estate investment and development firm, has leased 100 percent of its 71,329-square-foot Mercer Pointe office building in Bellevue to OfferUp, a Seattle-based online marketplace.
Onward Investors, which acquires value-add properties in markets throughout the U.S., resolves complex issues to stabilize the properties and derive value for its investors.
Mercer Pointe is situated in the 65-acre Bellefield Office Park, which consists of 16 buildings totaling 507,000 square feet. OfferUp (www.offerup.com) currently leases a 17,000-square-foot office next door to Mercer Pointe in the office park.
Last year, Onward Investors acquired Mercer Pointe, the former AAA office building property, and has completed construction to make improvements to fit OfferUp. Renovations included remodeling of the entry lobby and common areas, vacancy preparation and select improvements to the building exterior. The building also features covered parking. Additional improvements will include an onsite fitness center, cafeteria and break room.
Founded in 2011, OfferUp’s online buying and selling service has experienced tremendous growth, with over $14 billion dollars of transactions in 2016 alone. The company also has doubled its staff in the past year to more than 200 employees.
“Our team could not be more excited to move to Mercer Pointe,” said Nick Huzar, OfferUp’s cofounder and CEO, in a news release. “Onward Investors has created a beautiful space that will enable us to accommodate our growing company. We have a tight knit team at OfferUp and was essential to find a home that will help us do our absolute best work. Mercer Pointe is just that.”
Onward Investors has been involved in the greater Seattle area for years. In May 2016, Onward sold the Westview 522 business campus in Woodinville, Wash. Pine Forest Properties, Inc., a Washington corporation, purchased the campus for $32,200,000. The same month, Onward acquired Sammamish Park Place, a two-building, 202,544 square-foot office complex located in Issaquah. In 2011, Onward also acquired Commencement, a 62-unit, luxury apartment complex in Ruston. The firm sold the property in 2013.