112th @ 12th sets record for Bellevue in 2016

$202.7M: Sale of One Twelfth @ Twelfth office sets Bellevue record

It took only about a month for Bellevue’s office market to set a new price record for the year.

The new mark was set this week with the $202.67 sale of One Twelfth @ Twelfth, a three-building campus just off of Interstate 405 on the north edge of downtown. The price eclipsed the $193 million paid for Civica Office  Commons  in mid-November.

Officials of Gemini Rosemont of Santa Fe, New Mexico, on Tuesday announced that it had bought One Twelfth in a partnership with Hong Kong-based Gemini Investments, but did not say how much they paid. The price was revealed Wednesday when King County recorded the transaction.

GEMINI ROSEMONT

This week the One Twelfth @ Twelfth office campus sold for nearly $202.7 million. It’s the most paid for a Bellevue office property in 2016 .

The seller, Des Moines, Iowa-based Principal Global Investors, the real estate arm of Principal Financial Group(NYSE : PFG), paid $134.1 million for the property 12 years ago.

The value of the 480,389-square-foot campus shot up earlier this year when the buildings became fully leased. BitTitan and VoiceBox Technologies rented a total of 127,400 square feet in separate deals.

Marc Stiles Staff Writer

Puget Sound Business Journal