Search
 

Leavitt Building in Bellevue Sold

BELLEVUE, WA-A pair of local investors acquire the five-story building adjacent to Interstate 405 with plans to completely refurbish its 68,000 sf.

By Brian K. Miller | Updated on July 12, 2006

BELLEVUE, WA-Two local real estate veterans have acquired the former Leavitt Building here with plans to renovate and lease-up the property. The five-story, 68,000-sf building is located adjacent to Interstate 405 on 116th Avenue SE at Main Street, which is on the edge of the Downtown core. The sale price was $15.9 million.

The new ownership is a joint venture of Mark Weed, president of Egis Real Estate Services, and Michael Barnes, a former institutional investment manager. The seller is OB City Hall Partners LLC, an entity controlled by Michael O’Brien, the Mercer Island-based owner of several auto dealerships including Lexus of Bellevue and Aston Martin of Seattle.

O’Brien acquired the building in 2003 as part of a larger 10.7-acre assemblage that also includes the old City Hall and Police Annex buildings. O’Brien paid $24.7 million for the overall site and as part of the deal the city leased back the City Hall building until recently, when it moved to another building. O’Brien, who could not be reached for comment, reportedly plans to relocate Lexus of Bellevue to the site.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.