BELLEVUE, WA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Cole Real Estate Investments has completed its sale of City Center Plaza for $374.7 million. The buyer was an affiliate of CommonWealth Parners LLC.
As GlobeSt.com previously reported, Cole Credit Property Trust III Inc. purchased the 582,000-square-foot class-A asset in July 2010 for $310 million from Beacon Capital Partners. According to Cole, reason for the sale is to “capitalize on current market opportunities to capture value for its shareholders with the sale.”
The 26-tower serves as the headquarters for Microsoft Bing, which occupies 96.3% of the building. With this disposition, Cole-related entities have completed more than $2.6 billion of commercial real estate transactions year-to-date, and the firm is on pace for another record-setting year.
Check back with GlobeSt.com for an update on the story.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
