San Diego Business Journal

Local REIT Buying Washington Office Tower for $229M

By Lou Hirsh Thursday, August 2, 2012

San Diego-based American Assets Trust Inc. has entered into an agreement to purchase a 27-story office tower in Bellevue, Wash., for approximately $229 million.

The real estate investment trust said in a statement that the 497,000-square-foot City Center Bellevue is a LEED Gold certified trophy property in that city’s central business district.

“The greater Seattle area, Bellevue in particular, has been a target investment region for the company and its predecessor for many years,” said CEO and President John W. Chamberlain, noting the acquisition will mark American Assets Trust’s entry into a “highly constrained market” where it will look to expand its presence.

American Assets Trust will pay for the property with a combination of cash on hand and funds drawn against an existing credit facility. It plans to place mortgage financing on City Center Bellevue at or subsequent to closing.

The transaction is subject to customary closing conditions, the company said.

American Assets Trust, which became publicly traded in 2011, invests primarily in California, Oregon and Hawaii, with holdings in office, retail, apartment and hotel real estate. It trades under the symbol AAT on the New York Stock Exchange.