M-M Properties Purchases Sunset North Office Campus in Bellevue for $155.3 Million
CBRE Group, Inc. recently announced it represented a fund managed by Beacon Capital Partners in the $155.3 million sale of Sunset North, a three-building, 464,000-sq.-ft. office campus in Bellevue. The complex was purchased by M-M Properties and a large institutional investor. Sunset North is currently 99 percent leased and anchored by The Boeing Company.
Tom Pehl and Lou Senini of CBRE’s Institutional Properties team worked with Kevin Shannon, Ken White and Michael Moll to represent the seller in the transaction. Paul Sweeney and Jason Furr of Broderick Group assisted in representing the seller in the transaction.
“Sunset North is among the highest-quality office properties in Bellevue’s I-90 corridor,” said Mr. Pehl, senior vice president, Institutional Properties, CBRE Capital Markets. “The complex’s unobstructed views of the downtown Seattle skyline and Olympic Mountains and easy access to downtown Bellevue and downtown Seattle have attracted an impressive mix of tenants.”
Amenities at the Class A office campus, which was completed in 2000, include an on-site fitness center and carry-out restaurant and a plaza with native plantings, outdoor walkways and seating areas that take full advantage of the natural beauty. The complex is LEED Silver-certified.
“We are excited to add Sunset North to our expanding institutional investment portfolio,” said Ken Moczulski, CEO of M-M Properties. “Following our October 2015 acquisition of the Sawgrass Centre office portfolio in Fort Lauderdale, the acquisition of Sunset North continues our geographic diversification into high-quality institutional assets.”