SEATTLE--(BUSINESS WIRE)--Lake Washington Partners, LLC, a Seattle area commercial real estate firm that owns, manages and develops properties across the United States, today announced the purchase of Commons 90 Office Park in Bellevue, Washington. The 142,000-square-foot, two-building property has been acquired from the Tennessee Consolidation Retirement System and New York City-based Clarion Partners for an undisclosed sum.
Located at 15800 and 15900 SE Eastgate Way, these unique buildings are home to a number of anchor tenants, including REI, Siemens and Quadrant Homes. Strategically placed on the 1-90 corridor, Commons 90 connects the east and west sides of Seattle, making it a premier location for tenants and commuters.
“We are excited to have purchased such a high-quality asset and contribute it to our growing portfolio of buildings,” said Jordan Lott, President of Lake Washington Partners. “Since our strategy is holding buildings for the long term, we take great care in identifying and purchasing quality assets in well-located submarkets.”
Lake Washington Partners will manage Commons 90 through its property management division and a partnership with Urban Renaissance Group. Jeff Jochums, Senior Vice President of CBRE and a 20-year veteran in the Puget Sound real estate market, will take over the leasing assignment.
“The building was repositioned over the last two years by Clarion Partners, who has done a great job. We plan to make small tweaks in response to tenant requests,” said Jordan Lott. Lake Washington Partners has no other immediate plans for major updates or renovations at this time.
Beyond Commons 90, Lake Washington Partners owns and manages a portfolio of assets throughout the Puget Sound area. These assets include Class A office and industrial buildings in Bellevue, Issaquah, Lynnwood and Renton.
About Lake Washington Partners
Lake Washington Partners is a Seattle-based, privately-owned commercial real estate company focused on long-term portfolio investments and development projects around the country. Founded in 2006, Lake Washington Partners has successfully developed or acquired 7 million square feet of property nationwide. Lake Washington Partners specializes in large-scale industrial facilities and Class A office spaces, with properties in Washington, Nevada, Arizona, Texas, Minnesota, Ohio, Florida and New Jersey.