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Civica Office Commons Fetches $575/SF

BELLEVUE, WA- New York-based Investcorp International, which paid $141 million to acquire the 305,835-sf, twin-tower development in March 2005, sells it to New York-based real-estate-investment company Brickman Associates for $175.7 million.

By Brian K. Miller | Updated on October 04, 2006

BELLEVUE, WA-Civica Office Commons has changed hands for $175.7 million, or $575 per sf. New York-based real-estate-investment company Brickman Associates acquired the twin-tower Downtown office development from York-based Investcorp International, which less than two years ago acquired the asset from developer Schnitzer Northwest for $141 million, or $462 per sf. Both transactions set records for per-sf pricing in the Seattle area.

Given the price, the new owner is no doubt expecting rents to continue rising at a healthy pace. Cushman & Wakefield is reporting that the average annual asking rent in Downtown Bellevue has risen more than 16% in the past year, to $28.11 per sf from $24.16. Over the past three years, Downtown vacancy has fallen from 29% to between 5% and 6%, according to C&W.

The tight market has spawned several new office projects. Upwards of 2.5 million sf of office space is under construction or close to it, according to C&W. An executive with Brickman Associates could not be reached Wednesday morning for comment.

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