JV Acquires Bellevue Class A Office Property

BELLEVUE, WA—PCCP, LLC has formed a joint venture with Align Real Estate to acquire a six-story, 110,372-square-foot class A office property in the central business district of Bellevue. The property is 95% occupied and includes ground-floor retail and a three-level parking garage consisting of 315 stalls. The acquired property consists of the bottom six floors of a 23-story tower, the top 17 stories are residential condominiums.

“This is our first joint venture with Align, a firm specializing in value-added office development throughout the Pacific Northwest and California,” said Erik Flynn, managing director with PCCP. “Bellevue Pacific offers us an opportunity to increase the asset’s revenue through value-add improvements including a lobby renovation and aesthetic upgrades to the tenant floors that are designed to enhance the building’s prominence in the marketplace and ultimately attract long-term tenants.”