SAN DIEGO, Sept. 10, 2021 (GLOBE NEWSWIRE) — American Assets Trust, has successfully closed on the acquisition of Corporate Campus East III, consisting of an approximately 161,000 square foot, multi-tenant office campus located just off the interstate 405 and 520 freeway interchange, less than 5 minutes away from downtown Bellevue, Washington.
Corporate Campus East III is currently approximately 86% leased to a diversified tenant base with contractual lease rates that the Company views as below prevailing market rates for the submarket.
The four-building property features a campus-setting in a natural landscape with immediate highway access and a diverse rent roll of financial service institutions and professional service companies. The property has undergone recent renovations to its common areas, lobbies, onsite café and entry areas, with an opportunity to add further amenities comparable or superior to competing office projects.
The purchase price of approximately $84 million was paid with cash on hand.
About American Assets Trust, Inc.
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The company has over 50 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington, Texas and Hawaii. The company’s office portfolio comprises approximately 3.9 million rentable square feet, and its retail portfolio comprises approximately 3.1 million square feet. In addition, the company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,112 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. For additional information, please visit www.americanassetstrust.com.