SEATTLE – August 20, 2019 – Swift Real Estate Partners, a leading West Coast commercial real estate investment firm, has announced a significant expansion of its Seattle-area portfolio with the acquisition of the Bellevue 520 Corridor Office Portfolio. This strategic purchase from Schnitzer West and RMA includes two prominent properties: Bel Kirk 520 and Centra Office Park.
Located in the high-demand Bellevue 520 Corridor, the newly acquired portfolio strengthens Swift Real Estate Partners’ presence in the robust Eastside market. Bel Kirk 520, situated at 11120-11130 NE 33rd Place in Bellevue, comprises two two-story buildings totaling 94,221 rentable square feet. This Class A office space recently benefited from substantial capital improvements, most notably the addition of the HUB, an amenity building designed to enhance tenant experience with a modern “great room” concept, a signature feature of Schnitzer West developments. Bel Kirk 520 is currently fully leased, reflecting the strong market demand in the area.
Centra Office Park, the second component of the portfolio, offers 91,706 rentable square feet across two three-story buildings. Strategically positioned at the northeast intersection of State Route 520 and I-405, Centra Office Park provides excellent accessibility and visibility. The property has also undergone recent renovations to maintain its competitive edge in the Bellevue office market, including the addition of an on-site micro market for tenant convenience.
Pam Hirsch, President and COO of Schnitzer West, highlighted the strategic value of the location: “The 520 Portfolio is situated in a submarket experiencing exceptional demand due to its close proximity to major employers and convenient access to key transportation arteries. Over the past four years, Schnitzer West has proactively invested in these properties, aligning them with the evolving needs of today’s workforce and creating modern, attractive workspaces.”
Swift Real Estate Partners purchased Bel Kirk 520 for $26.7 million, which included an existing ground lease, and Centra Office Park for $32.6 million. This acquisition increases Swift’s holdings in suburban Bellevue to nearly 600,000 square feet, underscoring their commitment to the Eastside market. The 520 Corridor is recognized as a highly desirable submarket within the Puget Sound region, characterized by its strong tenant base and limited availability of premium office space. Schnitzer West will continue to provide property management services for both Bel Kirk and Centra Office Park under Swift Real Estate Partners’ ownership, ensuring a seamless transition and continued high-quality operations.
Christopher Peatross, CEO and Founder of Swift Real Estate Partners, emphasized the strategic rationale behind the acquisition: “This marks our sixth office investment in the Eastside market. We are highly motivated to further expand our presence in this robust market, driven by low vacancy rates, constrained supply, and consistent demand from technology-focused tenants. We are confident in our existing portfolio and believe the addition of Bel Kirk 520 and Centra Office Park will generate strong returns for our investors.”
The transaction was facilitated by Newmark Knight Frank brokers Kevin Shannon, Mike Moll, Ken White, and Nick Kucha, with leasing support provided by Mark Flippo of Jones Lang LaSalle.
About the Companies:
Schnitzer West, LLC: A leading real estate investment, development, and property management company on the West Coast, Schnitzer West has a proven track record of innovation and expertise in both commercial and multi-family markets. They are known for creating high-quality workplaces and living spaces and currently manage a significant portfolio of office and industrial properties. More information is available at www.schnitzerwest.com.
Regis Metro Associates (RMA): RMA is a real estate investment management firm providing investors with access to private real estate opportunities. With a substantial portfolio under management, RMA focuses on value creation through strategic capital investment and asset management. Further details can be found at www.rmare.com.
Swift Real Estate Partners: Founded in 2010, Swift Real Estate Partners is a vertically integrated real estate investment firm focused on acquiring and repositioning office and industrial assets in key West Coast markets. With a significant portfolio and a strong investor base, Swift is committed to delivering superior risk-adjusted returns. Learn more at www.swiftrp.com.
Contact:
For Schnitzer West:
Colleen Moffitt and AnnMarie Henriksson
206-282-4923
[email protected]
[email protected]
For Swift Real Estate Partners:
Molly Castles
[email protected]
