December 03, 2020
Innovatus Capital Partners Announces Acquisition of Overlake 520 Campus in Bellevue; LPC West to Manage Asset
BELLEVUE, Wash.--(BUSINESS WIRE)--Innovatus Capital Partners, LLC (“Innovatus”) has acquired Overlake 520, an office campus comprised of two low-rise buildings encompassing more than 145,500 rentable square feet in Bellevue, Washington. LPC West, the West Coast arm of national real estate firm Lincoln Property Company, will provide property management services for the building. This will be the third building LPC West manages for Innovatus and the eleventh nationally.
Overlake 520 is located next door to Microsoft’s headquarters within the booming city of Bellevue, which has experienced a surge in demand for office space to accommodate technology tenants as companies continue to flock to the area. Most recently, Amazon announced it would occupy additional space that would bring 25,000 employees to Bellevue within five years.
The campus is located next to SR 520 and near the Overlake Transit Center Rapid Ride, offering a public transit option to employees. The 520 Bike trail also runs alongside the property, as well as the future East Link Rail Line, expected to open in 2023.
The property also features ample parking, large floor plates, and tenant amenities including an outdoor lounge, onsite market and fitness center. The property is within walking distance of over a dozen dining options as well as close proximity to the Bellevue CBD.
“The Eastside office market has benefitted from the innovation of technology firms including Microsoft, Amazon, Google, and Facebook and will continue to experience incredible growth in years to come,” said Bradley Seiden, Managing Director of Innovatus. “We are pleased to acquire Overlake 520, a stable asset in the heart of a highly desirable area with tremendous potential for continued expansion. We look forward to working closely with our tenants and maintaining the property’s status as one of the most sought-after in the area.”
The building is currently 100 percent leased to seven high-quality tenants primarily in the technology consulting industry with a weighted average lease term of over five years. Constructed in 1985, the previous owner completed a series of capital improvements to the property. Innovatus and LPC West plan to continue property enhancements and value-add improvements to the site.
“Bellevue has emerged as a main hub of tech innovation and we are excited to provide first class service for tenants at Overlake 520,” said J.P. Harlow, Senior Vice President of LPC West. “The office campus is well-located and in excellent condition and we look forward to the continued expansion within the area.”
About Innovatus Capital Partners, LLC
Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 143 million square feet of commercial space and over 216,000 multifamily residential units. Lincoln Property Company is one of the largest office owner and managers in the United States. Access www.lpcwest.com for more information.
Contacts
Molly Hogin
molly@sugermangroup.com │ 310-251-5360