Centre 425 is located in Downtown Bellevue. Photo courtesy of Michael Walmsley Photography

Tristar Capital and RFR Holding purchase Centre 425 in Bellevue from Schnitzer West

  • Wednesday, October 18, 2017 11:45am
  • Business

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 ($877 per rentable square foot) from Schnitzer West, one of the West Coast’s fastest growing real estate, investment, development and property management companies. This is Tristar’s and RFR’s fourth acquisition in the Seattle region in the last 12 months, increasing their total office and retail holdings to more than 1.3 million square feet.

“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.”

Specifically, Tristar Capital and RFR Holding have also acquired Urban Union, Amazon Phase VII and Dexter Station, all of which are in Seattle’s South Lake Union neighborhood. 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 (CBD). 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.

“100 percent leased as of its opening in 2016, Centre 425 has become the premier office space in Bellevue’s CBD,” said Pam Hirsch, managing partner, Schnitzer West. “Its state-of-the-art design, select tenant roster and location make it a best-in-class investment opportunity. We look forward to continuing our relationship with Tristar Capital and RFR Holding.”

Kevin Shannon, Ken White and Michael Moll from Newmark Knight Frank were the transactional brokers for the sale.

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