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KBS REIT Acquires 46-Acre Office Park Near Seattle for $78.7M

KBS Strategic Opportunity REIT, a public non-traded real estate investment trust based in Newport Beach, Calif., has acquired QBE Corporate Campus, formerly Unigard Park, a 46-acre office park in Bellevue, Wash., 11 miles east of downtown Seattle. The purchase price was $78.7 million. KBS will immediately rebrand the property to Bellevue Technology Center.

QBE Corporate Campus comprises nine Class A/B buildings offering 326,384 sq. ft. of office space in the heart of the SR-520 Overlake submarket, half a mile south of Microsoft headquarters, with easy access to Routes SR-520, I-405 and I-90, as well as downtown Bellevue and Redmond. Developed between 1973 and 2000 in multiple phases, six QBE Corporate Campus buildings were renovated and modernized between 2001 and 2006.

The landscaped campus features a 576-unit underground parking garage, versatile conference and meeting spaces and a fitness center with gym, aerobics studio, locker rooms, beach volleyball court and extensive walking trails.

"The acquisition of QBE Corporate Campus demonstrates our intimate knowledge of the local market and ability to identify high-quality assets with untapped potential," Brian Ragsdale, executive vice president of KBS Capital Advisors, said in a statement. "We've been attracted to both Seattle and QBE Corporate Campus for some time, and consider the property to be a good fit with KBS Strategic Opportunity REIT."

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