Tristar Capital and RFR Holding added Centre 425, a 16-story, 356,909-square-foot office building from Schnitzer West to the group’s growing commercial office portfolio.
Tristar and RFR completed the acquisition of Centre 425 for $313 million from Schnitzer West. This is Tristar’s and RFR’s fourth acquisition in the Seattle region in the last 12 months.
“With tech giants Amazon and Microsoft each occupying more than 10 million square feet in their Seattle-based corporate headquarters, and Facebook and Google calling Seattle home for their HQ2 campuses, we will continue to expand our Seattle footprint,” said David Edelstein, president of Tristar Capital. “With its natural lifestyle attractions and unmatched supply of workforce talent, we believe the Seattle market will continue to outpace most cities in the country in commercial and residential demand.”
Schnitzer West will continue to manage the 16-story office and retail building, which is located at the corner of North East Fourth and 106th North East Street in Bellevue’s pedestrian core. The boutique, class-A office building opened its doors in 2016 and features street-level retail and eight floors of secure, in-building parking.
With added onsite amenities including a Starbucks coffee shop, a future Bank of America branch and The VUE — the Eastside’s only rooftop conference center, Centre 425 is a diverse host in Bellevue’s vibrant Central Business District . The building features a dynamic communal gathering place, “425 Exchange,” offering tenants flexible meeting and work space, representing Schnitzer West’s signature “Great Room” concept.