American Assets Trust (AAT) Completes Acquisition of Bellevue, WA, Complex for $229M
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American Assets Trust, Inc. (NYSE: AAT) completed the acquisition of “City Center Bellevue,” a 27-story trophy LEED-EB Gold certified office tower consisting of approximately 497,000 square feet, located in the heart of Bellevue’s Central Business District at 500 108th Avenue NE, Bellevue, Washington.
The purchase was approximately $229 million, funded with a combination of cash on hand and funds drawn against the Company’s existing credit facility. The Company anticipates placing mortgage financing on City Center Bellevue.
City Center Bellevue offers outstanding panoramic views of Mount Rainier, Lake Washington, the Cascade and Olympic Mountains and the Seattle skyline.
City Center Bellevue’s central location provides tenants with convenient access to downtown amenities, the freeway and public transportation. Approximately 92% of City Center Bellevue’s rentable square feet is leased. Major tenants at City Center Bellevue include Caradigm, HDR Engineering, Inc., Intelius, Inc., Sucker Punch Productions, LLC, Global Scholar, Inc., Cisco Systems, Inc. and Morgan Stanley.
The purchase of City Center Bellevue marks the Company’s entrance into the Seattle/Bellevue market. “We are thrilled to expand into the Seattle/Bellevue region, and proud to add City Center Bellevue to our portfolio of trophy assets,” said John W. Chamberlain, the Company’s Chief Executive Officer and President.
The transaction was structured to accommodate a possible tax deferred exchange pursuant to the provisions of Section 1031 of the Internal Revenue Code of 1986 and applicable state revenue and taxation code sections.
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The purchase was approximately $229 million, funded with a combination of cash on hand and funds drawn against the Company’s existing credit facility. The Company anticipates placing mortgage financing on City Center Bellevue.
City Center Bellevue offers outstanding panoramic views of Mount Rainier, Lake Washington, the Cascade and Olympic Mountains and the Seattle skyline.
City Center Bellevue’s central location provides tenants with convenient access to downtown amenities, the freeway and public transportation. Approximately 92% of City Center Bellevue’s rentable square feet is leased. Major tenants at City Center Bellevue include Caradigm, HDR Engineering, Inc., Intelius, Inc., Sucker Punch Productions, LLC, Global Scholar, Inc., Cisco Systems, Inc. and Morgan Stanley.
The purchase of City Center Bellevue marks the Company’s entrance into the Seattle/Bellevue market. “We are thrilled to expand into the Seattle/Bellevue region, and proud to add City Center Bellevue to our portfolio of trophy assets,” said John W. Chamberlain, the Company’s Chief Executive Officer and President.
The transaction was structured to accommodate a possible tax deferred exchange pursuant to the provisions of Section 1031 of the Internal Revenue Code of 1986 and applicable state revenue and taxation code sections.
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