BELLEVUE, WASH. — Innovatus Capital Partners has purchased Overlake 520, an office complex near State Route 520 and the Overlake Transit Center Rapid Ride in Bellevue. Terms of the transaction were not released.
Situated adjacent to Microsoft’s headquarters, the campus consists of two low-rise buildings offering a total of more than 145,500 rentable square feet of office space. The property features ample parking, large floor plates and a variety of tenant amenities, including an outdoor lounge, on-site market and fitness center.
At the time of sale, the property was 100 percent leased to seven tenants primarily in the technology consulting industry with a weighted average lease term of five years. The previous owner completed a series of capital improvements to the property, which was constructed in 1985.
LPC West, the West Coast arm of Lincoln Property Co., will provide property management services at the building. Innovatus and LPC West plan to continue property enhancements and value-add improvements to the site.