AAA Washington, an insurance company based in Bellevue, has purchased the One Newport Building in Factoria for $29,075,000.
The building, a 89,850 square foot office building, was previously occupied by T-Mobile US. The building is located at 3605 132nd Ave. SE in Bellevue. Kidder Mathews brokered the deal for AAA from the seller, the global real estate investment firm Ivanhoe Cambridge.
Jason Rosauer, one of Kidder Mathews' brokers, explained the upgrade in office space for AAA.
"Headquartered in Bellevue, AAA Washington is a local company with a large number of employees. They carefully analyzed options to facilitate growth with minimal disruption to employees and customers," he said. "This is a great building in a location that is unparalleled and irreplaceable in the market."
AAA will occupy the first three floors of One Newport and lease the top floor (20,837 square feet).
Renovations on the building will take place before the insurance and travel company occupies the building. Construction will begin Feb. 1. Occupancy is planned for the third quarter of 2016.
Kirk Nelson, AAA Washington's president and CEO said the move was planning for future growth.
"We are very excited to be investing in the highly visible One Newport building, which is larger than our current building, and provides for future expansion. Our plan is to transform the building into a modern, fresh, creative work environment, upgrade technology, update building systems, and install reliable emergency back-up systems," he said. "Our employees are looking forward to a fresh, new work environment that is close to restaurants and retail."
AAA Washington is currently located on 114th Avenue Southeast near Mercer Slough.