For the second time in a week, out-of-state buyers have purchased large, downtown office buildings in Bellevue. The Houston-based Lionstone Investments partnered with the Seattle-based business Talon Private Capital to purchase a seven-story atrium building in downtown Bellevue for $81.5 million according to public records. This office building is along Interstate 405 at 110 110th Ave., Northeast. Because of Bellevue’s tech industry, interest is growing among real estate investors both locally and from out of state. Earlier in the week, Civica Office Commons sold for $193 million, the largest sale in Bellevue this year so far.
This is the second time the Lionstone and Talon have purchased properties together. The companies paid $120.2 million for the Bellefield Office Park just southeast of downtown back in 2014.
The 110 Atrium building was constructed in 1981 and offers over 232,000 ft.². It is currently 86% leased primarily by Constellation Web Services. The location is ideal as it is just a block from the future site of the East Link light rail station scheduled to open in 2023. It also has more parking than most downtown office buildings similar in size.
Both companies are privately owned and both buildings were purchased from Walton Street, the previous owner of both the Atrium building and Civica Office Commons. There is currently no word on whether further construction, renovations or changes in the lease agreement are set to take place in the future.
For more information on homes, real estate, condominiums or properties close to this or other popular buildings in Bellevue contact Mary Pong today.
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