ScanlanKemperBard (SKB) and Independencia Asset Management have announced the sale of 110 Atrium, a seven-story Class A office building located in the Eastside Seattle submarket, at the periphery of Bellevue’s downtown office core. The property was acquired by Unico on August 27, 2021.
The 235,700 rentable square foot property was originally built in 1981, and features high quality office space, comprehensive onsite amenities, an above-market parking ratio, and sweeping views of the Cascade and Olympic Mountains, Mt. Rainier, and the Bellevue skyline.
SKB and Independencia Asset Management purchased 110 Atrium in 2018. Since that time, ownership performed capital improvements, including elevator modernization and upgraded building amenities. Additionally, the property was leased to 95% occupancy and managed through the COVID-19 pandemic. Ownership recently modified the rent roll to strategically position the property to accommodate large tenants in the strengthening Bellevue office market.
According to SKB President, Todd Gooding, “We are very pleased with the outcome of the 110 Atrium sale, as it is a positive outcome for our partner and investors. At the time we made our investment decision Expedia had publicly acknowledged they were leaving Bellevue; however, our deep relationships with the brokerage community paid off, as we were able to determine there were about to be a number of large tenant announcements that would forever change the perception of the Bellevue office market in a positive way. Thank you to our partners that trusted our market analysis.”
“We are appreciative of our partnership with SKB and for their continued commitment towards acquiring performing assets like 110 Atrium. We look forward to continuing to work together and expanding into additional successful ventures.” said Independencia Asset Management Chief Operating Officer, Felipe Figueroa.
SKB is an established real estate developer and operator based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.7 billion, comprised of 30.6 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. Visit SKB online at www.skbcos.com to learn more.
About Independencia Asset Management LLC (“IAM”)
IAM is a real estate asset management firm headquartered in Miami with an additional office in Boston. Since incorporating in the United States in 2004, IAM has invested in more than 18 million square feet of core-plus and value-add office, retail and industrial assets in 19 states with 10 different local operating partners. To date, IAM has invested in over $3 billion worth of real estate assets through 50 different SPEs. IAM’s current portfolio consists of approximately $2.3 billion of assets under management through 32 different SPEs.
IAM’s parent company, founded in Santiago in 1990, currently manages the largest real estate investment fund in Chile and is considered the country’s industry leader in terms of size and fund yields. For more information, please visit www.independencia-sa.cl