Bellevue's Tower 333 Sells For $401.5M
The 20-story, 435K SF Tower 333 in Bellevue recently sold for $401.5M.
Equity Commonwealth’s proceeds after credits, mostly for contractual lease costs and transfer taxes, were $316.7M. The company’s cash balance immediately after the sale was $3.4B. A trust affiliated with Equity Commonwealth purchased the building in 2009 for $168M. Its tax assessment is $269M.
Amazon’s announcement to relocate much of its Seattle-based headquarters to Bellevue last year spurred instant interest in the already tech-heavy city. The announcement felt like validation to Bellevue stakeholders, who were still reeling from Expedia’s announcement that it would relocate its corporate headquarters to the Seattle waterfront.
Amazon also recently purchased the Bellevue Corporate Plaza and leased 715K SF in the planned development at the old Cadillac dealership site at 1001 106th Ave. NE.