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January 22, 2016

AAA Washington buys One Newport Building for $29,075,000

Seattle, Wash. (January 22, 2016) - AAA Washington, an insurance and full-service travel agency, has purchased One Newport Building for $29,075,000. The building, previously occupied by T-Mobile, is located at 3605 132nd Avenue SE, Bellevue, Washington. Kidder Mathews commercial real estate brokers, Gary Guenther, Jason Rosauer, and Rob Anderson, represented AAA in finding this unique off-market, owner/user purchase opportunity. The seller, Ivanhoe Cambridge, a global real estate investment firm, was represented by JJ Shephard and Riley Shephard of JLL.

"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," said Rosauer. "This is a great building in a location that is unparalleled and irreplaceable in the market," he said.

The 89,850 square foot Class A office building is ideally located close to I-405 and I-90, and it is surrounded by numerous amenities. AAA will occupy the first three floors and lease out the top floor of the building, which is 20,837 square feet and has an amazing view of the Olympics.

"This was an outstanding opportunity to buy one of the top Class A suburban properties off-market, at well below replacement cost. Large quality, owner/user opportunities like this are rare, and One Newport fit all of AAA's qualitative and quantitative facility needs, and is a great investment for them," said Guenther.

One Newport Building will receive renovations prior to AAA's moving in. Construction will begin February 1, and occupancy is planned for third quarter of 2016. AAA's construction and purchasing partners on this project are Swinerton Builders, JPC Architects, Pacific Project Management, Kidder Mathews, Wells Fargo, and McCullough Hill Leary.

"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. These improvements will help AAA attract talented employees; are vital to be able to deliver reliable, fast service to our 1.1 million members; and improve the building's efficiency, reducing its eco footprint,” said Kirk Nelson, AAA Washington's president and CEO. "Our employees are looking forward to a fresh, new work environment that is close to restaurants and retail," he said.

About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 500 real estate professionals and staff in 13 offices in Washington, Oregon, California, Arizona, and Nevada. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $3.2 billion in transactions, manages 36 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.

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