The buildings have soared in value over the last 15 years but sold for a little less than they did just a year ago.
Seattle-based Unico Properties has teamed up with an investor on a $193 million purchase of the Civica Commons office buildings in downtown Bellevue, one of the region’s biggest real-estate transactions of the year.
Unico and Boston-based AEW Capital Management on Thursday purchased the two midrise buildings, which total roughly 324,000 square feet along 108th Avenue Northeast. The seller is a subsidiary of Houston-based Hines Securities.
Unico said it would upgrade the 15-year-old buildings, which stand 6 and 8 stories tall, respectively, though it doesn’t have specific plans yet.
Tenants include Wells Fargo, Morgan Stanley, Expedia and John Howie’s Seastar restaurant.
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“There is a lot of really good local and nationally growing tenants” on the Eastside, Cox said.
The Civica Commons has soared in value over time since opening in 2001, selling for $140.2 million in 2005, $175.7 million in 2006 and $205.1 million in February 2015, typically setting or nearing sales-price records for Bellevue with each sale.
Curiously, Hines is selling the complex for less than what it paid last year despite the local hot market. Hines, which is closing its real estate investment trust and has been on a selling spree recently, declined to comment on the sales price.