Denver's Miller Global Properties LLC has bought a suburban office property near Seattle from Boston-based Beacon Capital Partners.
According to public records, Miller paid just over $80.5 million for Lincoln Executive Center in Bellevue, Washington. Records also show that Beacon bought the property for nearly $73.3 million in 2007, just before the real estate market crashed.
According to Officespace.com, nearly a quarter of the space in the 82,134-square-foot Lincoln Executive Center is available for lease.
Beacon became the Puget Sound region's largest office landlord at the height of the market in 2007, when it acquired 15 properties, including the 76-story Columbia Center in Seattle and the 27-story City Center Bellevue building. Beacon later averted defaulting on a huge loan it took out to buy the buildings, and has been selling off assets. It sold Columbia Center for $711 million last year.
Read more at the Denver Business Journal: http://bit.ly/2cZObnZ
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