{"id":1004114163,"date":"2015-02-24T09:29:13","date_gmt":"2015-02-24T17:29:13","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=327525"},"modified":"2022-12-05T08:42:57","modified_gmt":"2022-12-05T16:42:57","slug":"hines-acquires-large-office-asset-in-high-performing-bellevue","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/","title":{"rendered":"Hines Acquires Large Office Asset in High-Performing Bellevue"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Mega-developer Hines has acquired Civica Office Commons in Bellevue in a deal worth approximately $205 million. The Bellevue office market has consistently over-performed in the past few years, with top assets currently sought after at cap rates lower than 5 percent. With completions also set to go up in 2015 and absorption rates climbing as well, the area\u2019s office market is ripe for investment.<\/p>\n

The latest addition to Hines\u2019 \"\"<\/a>Pacific Northwest office portfolio totals 323, 562 square feet of space. Civica Office Commons consists of two office buildings standing six and eight stories, respectively, and connected by a common atrium. The property was developed back in 2001 and offers tenants a considerable amenity package, including a concierge, Seastar restaurant, Starbucks, a Wells Fargo bank branch, hotel-style valet parking, a fitness center with lockers and towel service, as well as state-of-the-art conference facilities.<\/p>\n

A testament to the market’s current highs, only around 10 percent of the property is currently vacant. The asset features a number of high-profile tenants on its roster, among them Cornerstone Advisors, MetLife, Microsoft, Morgan Stanley, Waggener Edstrom as well as Wells Fargo Bank.<\/p>\n

According to Hines Senior Managing Director Ty Bennion, Bellevue continues to be the region\u2019s strongest submarket. CBRE research shows that at the end of fourth quarter 2014, the Bellevue CBD was the best-performing office market in the greater Seattle area, based on total gross asking lease rates for Class A space. Bellevue\u2019s CBD also ranks high in occupancy and trails only the booming South Lake Union area for office space to be built in the coming years.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Civica Office Commons in Bellevue, WA was recently acquired by international real estate firm Hines in a deal worth approximately $205 million. The Bellevue office market has consistently over-performed over the past few years, with top assets here being currently sought after at cap rates lower than the five percent mark. With completions also set to go upwards in 2015, and absorption rates climbing as well, the area’s office market is ripe for investment.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[],"class_list":["post-1004114163","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle"],"acf":[],"yoast_head":"\nHines Acquires Large Office Asset in High-Performing Bellevue - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Acquires Large Office Asset in High-Performing Bellevue\" \/>\n<meta property=\"og:description\" content=\"Civica Office Commons in Bellevue, WA was recently acquired by international real estate firm Hines in a deal worth approximately $205 million. The Bellevue office market has consistently over-performed over the past few years, with top assets here being currently sought after at cap rates lower than the five percent mark. With completions also set to go upwards in 2015, and absorption rates climbing as well, the area’s office market is ripe for investment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-24T17:29:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T16:42:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/Civica-Office-Commons.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Hines Acquires Large Office Asset in High-Performing Bellevue\",\"datePublished\":\"2015-02-24T17:29:13+00:00\",\"dateModified\":\"2022-12-05T16:42:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/\"},\"wordCount\":273,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/Civica-Office-Commons.jpg\",\"articleSection\":[\"News\",\"Seattle\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/\",\"name\":\"Hines Acquires Large Office Asset in High-Performing Bellevue - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/Civica-Office-Commons.jpg\",\"datePublished\":\"2015-02-24T17:29:13+00:00\",\"dateModified\":\"2022-12-05T16:42:57+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/#primaryimage\",\"url\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/Civica-Office-Commons.jpg\",\"contentUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/Civica-Office-Commons.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-acquires-large-office-asset-in-high-performing-bellevue\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Hines Acquires Large Office Asset in High-Performing Bellevue\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\",\"name\":\"Anca Gagiuc\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"caption\":\"Anca Gagiuc\"},\"description\":\"Anca Gagiuc brings more than a decade of experience within the real estate industry. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. Contact Anca at anca.gagiuc@cpe-mhn.com\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/anca-gagiuc\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Hines Acquires Large Office Asset in High-Performing Bellevue - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/","og_locale":"en_US","og_type":"article","og_title":"Hines Acquires Large Office Asset in High-Performing Bellevue","og_description":"Civica Office Commons in Bellevue, WA was recently acquired by international real estate firm Hines in a deal worth approximately $205 million. The Bellevue office market has consistently over-performed over the past few years, with top assets here being currently sought after at cap rates lower than the five percent mark. With completions also set to go upwards in 2015, and absorption rates climbing as well, the area’s office market is ripe for investment.","og_url":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-02-24T17:29:13+00:00","article_modified_time":"2022-12-05T16:42:57+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/Civica-Office-Commons.jpg","type":"","width":"","height":""}],"author":"Anca Gagiuc","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/"},"author":{"name":"Anca Gagiuc","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7"},"headline":"Hines Acquires Large Office Asset in High-Performing Bellevue","datePublished":"2015-02-24T17:29:13+00:00","dateModified":"2022-12-05T16:42:57+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/"},"wordCount":273,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/Civica-Office-Commons.jpg","articleSection":["News","Seattle"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/","url":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/","name":"Hines Acquires Large Office Asset in High-Performing Bellevue - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/Civica-Office-Commons.jpg","datePublished":"2015-02-24T17:29:13+00:00","dateModified":"2022-12-05T16:42:57+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/Civica-Office-Commons.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/Civica-Office-Commons.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/hines-acquires-large-office-asset-in-high-performing-bellevue\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Hines Acquires Large Office Asset in High-Performing Bellevue"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7","name":"Anca Gagiuc","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g","caption":"Anca Gagiuc"},"description":"Anca Gagiuc brings more than a decade of experience within the real estate industry. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. Contact Anca at anca.gagiuc@cpe-mhn.com","url":"https:\/\/www.commercialsearch.com\/news\/author\/anca-gagiuc\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004114163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/237"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004114163"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004114163\/revisions"}],"predecessor-version":[{"id":1004626350,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004114163\/revisions\/1004626350"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004114163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004114163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004114163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}