Two major properties in Downtown Bellevue sold this week, as both local and national companies pry into the hot Bellevue office space market.
The Civica Commons office buildings — home to Seastar Restaurant and Expedia — sold for $193 million to Seattle-based Unico Properties in tandem with AEW Capital Management out of Boston.
The buildings are 15 years old, 8 and 6 stories tall and contain 323,562-square feet on 108th Avenue Northeast. They are 97 percent leased.
“Civica was a trend-setting building in Bellevue when it debuted in 2001 and still stands as a premier office property on the Eastside, serving as a preferred location for an exceptionally high-quality collection of office tenants. Our goal is to enhance Civica’s already significant reputation in the market by delivering our best-in-class ownership and management approach, which prioritizes customer service and attention to the needs of our tenants,” said Andrew Cox, Unico Properties Vice President and Regional Director.
That sale is the largest in Bellevue this year, and one of the largest in the area. Houston-based Hines Securities actually bought the building last year for $12 million more than the company just sold it for.
Mark Clegg, vice president of corporate communications and public relations for Hines said the sale was part of the liquidation of Hines’ Real Estate Investment Trust.
Prior to Unico and its partner’s acquisition, the building had been purchased first by Investcorp, then by Brickman and then by Hines since 2005. Unico plans to do improvements in the lobby and open-air spaces.
Another local and out-of-area duo partnered in a $81.5 million purchase of the 110 Atrium building on the corner of 110th Avenue Northeast and Northeast Second Street.
Seattle-based Talon Private Capital and Texas company Lionstone Investments purchased the seven-story building, which is home to ActiveRain, Market Leader and Unity Technologies on Wednesday, Nov. 16. Atrium 110 last sold for $80 million in 2007. The 35-year-old building has more than 232,000-square feet and is 86 percent leased.
Talon and Lionstone have purchased property in Bellevue before, paying $120.2 million for the sprawling Bellefield Office Park in 2014.
Gabe Levin, director of Talon’s investments, said the Atrium building checked all the boxes the company was looking for.
“We really feel the location is positioned to be a hub,” he said. “Bellevue is transitioning, it’s becoming more walkable with new residents and with a light rail station next door, it’s where we want to be.”
Talon is hoping to open up the building’s Atrium space and serve food and beverages. No major construction is planned.