BELLEVUE, WA-KBS Strategic Opportunity REIT, an affiliate of KBS Capital Advisors, has acquired QBE Corporate Campus, a sprawling, 46-acre office park here, for $78.7 million from QBE North America, a part of QBE Insurance Group Limited. The buyer will immediately rebrand the property, previously called Unigard Park, as Bellevue Technology Center, located 11 miles west of downtown Seattle and a half-mile south of Microsoft headquarters.
The property is made up of nine class-A/B buildings containing 326,384 square feet of office space in the heart of the SR-520 Overlake submarket, with easy access to SR-520, I-405 and I-90 as well as downtown Bellevue and Redmond. The asset was developed between 1973 and 2000 in multiple phases, and six QBE Corporate Campus buildings were renovated and modernized between 2001 and 2006.
“The acquisition of QBE Corporate Campus demonstrates our intimate knowledge of the local market and ability to identify high-quality assets with untapped potential,” said Brian Ragsdale, EVP of KBS Capital Advisors, in a prepared statement. “We’ve been attracted to both Seattle and QBE Corporate Campus for some time, and consider the property to be a good fit.”
The landscaped campus features a 576-unit underground parking garage, versatile conference and meeting spaces and a fitness center with gym, aerobics studio, locker rooms, beach volleyball court and extensive walking/jogging trails. The park is currently 62% occupied, and the seller will remain a tenant there, occupying a full building of 67,378 square feet.
Managing directors Ann Chamberlin, Lori Hill, Stuart Williams and Michel Seifer led the Jones Lang LaSalle team in this sale, representing the seller. “Investor interest in this prime corporate campus was intense, as evidenced by the fact that we brought this property to market just two months ago,” said Chamberlin in a prepared statement. “KBS will now be able to significantly enhance the value of this property through strategic lease-up of the remaining vacancy in one of the strongest markets in the nation.”
As GlobeSt.com previously reported, last month KBS’s REITs were busy selling and buying assets in the Southeast. KBS REIT I sold the Hartman Business Center One while KBS REIT II sold Hartman Business Center II. Both industrial assets are in the Atlanta submarket of Austell, GA.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
