KBS Strategic Opportunity REIT, a public non-traded real estate investment trust and affiliate of Newport Beach, CA-based KBS Capital Advisors, has acquired the QBE Corporate Campus, formerly Unigard Park - a nine-building, 46-acre office park located in Bellevue, WA, for $78.7 million, or about $238 per square foot, from QBE North America, part of Unigard Insurance Group.
The QBE Campus totals 326,384 square feet at the corner of 156th Ave. and NE 24th St., and is currently 62 percent occupied. The seller will remain a tenant at the property, occupying a single 67,378-square-foot building. Another tenant in the park offers flexible workspace from its 45,025-square-foot space.
The nine buildings were developed between 1973 and 2000, with six of the corporate buildings renovated and modernized between 2001 and 2006. The park is located in the SR-520 Overlake submarket of suburban Bellevue with easy access to I-405 and I-90 and in close proximity to downtown Bellevue, Seattle, and the Microsoft World Headquarters in Redmond. Features include a fitness center and gym, conference and meeting facilities, sports courts and landscaped walking trails, and a 576-space underground parking garage.
The buyer has immediately rebranded the property as Bellevue Technology Center. The company funded the acquisition with proceeds from its ongoing initial public offering, but has not ruled out placing mortgage debt on the property at a later date.
Jones Lang LaSalle's Capital Markets group, including managing directors Ann Chamberlin, Lori Hill, Stuart Williams and Michel Seifer, represented the world-class insurance group in the sale.
"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. "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."
Please see CoStar COMPS #2520678 for additional information on this transaction.