Marcus & Millichap sold the Crestwood Corporate Plaza on March 4, for $23,575,000 – or $317 per square foot.
The sale indicates a continuing demand for office space on the Eastside, according to Leroy Lutu, a senior associate with Marcus & Millichap.
“Demand for Eastside office space is so strong that in order to complete the sale we needed to negotiate the purchase of the law office next door so the new owner can demolish it and create additional parking for the building,” Lutu said in a press release. “It is estimated that the Bellevue office market will triple in size by 2030. Currently, vacancy in the submarket is below 3%.”
The plaza is adjacent the Interstate 90 light rail station and was constructed in 2001. According to the press release, the tenants included technology companies and regional service officers.
The building was bought by Swift Realty Partners, a private west coast company based in San Francisco according to Lutu.
“The main tenant, Fresh Consulting, will be occupying the entire first and third floors, and they are continuing to expand and grow,” Lutu said in an email. “They may end up expanding into the entire space in the foreseeable future.”
Lutu also said they negotiated a law office next door to a 12-month lease with the sellers, as they anticipate it will take that amount of time to get the proper approvals and permits from the city before they can demolish and build a surface parking lot.