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January 22, 2016

AAA books $29M sale of former T-Mobile office building in Bellevue

Puget Sound Business Journal

Marc Stiles

Insurance and travel company AAA Washington on Thursday bought the One Newport Building along Interstate 90 in Bellevue for nearly $29.1 million, according to real estate group Kidder Mathews.

T-Mobile used to occupy the four-story building at 3605 132nd Ave. S.E.

AAA, already based in Bellevue, will renovate the building before moving in during the third quarter. The company plans to occupy three of the floors and lease out the top one.

Montreal-based Ivanhoe Cambridge sold the building in the Newport Corporate Center, which is home to T-Mobile's headquarters.

The 89,850-square-foot building traded hands for less than what it would have cost to replace it, said Gary Guenther, a Kidder broker who helped put the deal together for AAA with colleagues Jason Rosauer and Rob Anderson. JLL brokers JJ Shephard and Riley Shephard represented Ivanhoe Cambridge.

Rosauer said that in looking for a new headquarters, AAA analyzed options to facilitate growth. Currently, AAA is in leased space at Bellefield Office Park, 1745 114th Ave. S.E.

AAA Washington President and CEO Kirk Nelson said the company likes the high visibility of its new building and that it provides room for future expansion. In addition to renovating the office space, AAA will upgrade technology and building systems.

JPC Architects is designing the upgrade, and Swinterton Builders is the general contractor. Work will start Feb. 1.

For the full story, go to Puget Sound Business Journal.

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