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Saturday, July 31, 2010

Microsoft's Bing HQ Sold


Net-lease-properties


Bellevue, Washington - Net Lease Properties has news on one of the largest commercial real estate transactions of the entire year. Cole Real Estate Investments (Cole), has acquired City Center Plaza, in Bellevue, Washington. City Center Plaza is a 583,179 square-foot, Class A office tower.
Cole Real Estate Investments is an active buyers of income-producing commercial real estate assets.
This commercial real estate property, City Center Plaza is 96% leased through 2024 to Microsoft. Microsoft, as we know is one of the world’s leading consumer brands. They have the highest possible credit rating of AAA.
Information acquired on the Building is that it is a 26-story office tower, constructed in 2008. It is located at 555 110th Avenue NE. City Center Plaza is one of only three office buildings in Bellevue to achieve LEED Gold certification by the U.S. Green Building Council and has been the headquarters for Microsoft's Bing Division since its opening.

The transaction info is that Cole Real Estate Investment of Phoenix, purchased the City Center Plaza from Beacon Capital Partners. The terms were all-cash, and a purchase price of $310 million or about $530 per square foot.

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