10-05-2013 01:45 AM

Bellevue Galleria sells for $88 million


The Galleria, a retail and office complex in downtown Bellevue, sold Friday for $87.6 million, according to public records. The buyer is affiliated with Madison Marquette.




This time the Bellevue Galleria really did sell.
Documents recorded with King County on Friday show that MPH-1 Bellevue Limited Liability Co., paid $87.6 million for the 204,000-square-foot retail and office complex in downtown at 550 106th Ave. N.E. The buyer’s address is the same as Madison Marquette, a Washington, D.C.-based real estate company.
The price is almost the same as what a different company, New York City-based Thor Equities, said it was paying for the Galleria in 2011. But that deal was never finalized.
RP Realty Partners of Los Angeles, which sold the Galleria on Friday, had bought the property for $53.4 million in 2007. It then converted the center’s movie theaters to office space and signed gaming company Bungie to a long-term lease.
In 2012, after the sale to Thor hadn’t closed, RP listed the property for sale. At the time, the Galleria was 99 percent leased, and the listing from commercial real estate company CBRE stated that the property had the potential to accommodate another 750,000 square feet of development.
The Galleria was built in 1999.
Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.


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