Two New York-based real estate investment firms have partnered to purchase a high-rise office tower in downtown Bellevue for $313 million.
The 16-story, 357,000-square-foot building, Centre 425, was developed by Schnitzer West and completed late last year. Its purchase by Tristar Capital and RFR Holding was finalized this week. Schnitzer West will continue to manage the property, located at 425 106th Avenue Northeast.
At $313 million, the price in leasing parlance is $877 per rentable square foot — a record for downtown Bellevue commercial real estate, according to Schnitzer West.
Centre 425’s street-level retail tenants include Starbucks, which opened in August, and Bank of America, which will open soon. The building also offers The VUE, a rooftop conference center; 425 Exchange, a flexible meeting space for tenants; and eight floors of secured parking. The building’s biggest tenant is Amazon, which leased the tower’s Class A office space in its entirety, and moved in earlier this year.
Tristar Capital president David Edelstein cited the area’s workforce talent and growing tech presence as reasons for adding Centre 425 to its portfolio of local properties, which includes three buildings in Seattle’s South Lake Union neighborhood: Urban Union, Amazon Phase VII, and Dexter Station.
Centre 425 is one of three high-rise Class A office towers that opened recently in downtown Bellevue. The others include the 19-story, 462,000-square-foot 929 Office Tower; and the 31-story, 750,000-square-foot Lincoln Square Expansion.