Bellevue’s One Twelfth at Twelfth three-building office campus joins portfolio
Gemini Rosemont, LLC, a leading real estate investment company with holdings of approximately 13.6 million square feet of commercial office space, has acquired One Twelfth at Twelfth, a three-building office campus in the Seattle submarket of Bellevue, Wash.
The acquisition of the Class A office campus adds 480,389 rentable square feet to the company’s portfolio. Gemini Rosemont now owns 67 properties comprised of 109 buildings in 20 U.S. states.
Gemini Rosemont purchased the office campus in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. The price was not disclosed.
“Adding One Twelfth at Twelfth to our portfolio supports Gemini Rosemont’s desire to expand our footprint in the western U.S.,” said Michael Mahony, chief executive officer of Gemini Rosemont. “The Seattle-Bellevue MSA is a very desirable live/work/play community featuring a diverse industry base. The highly skilled and educated work force that chooses to live here supports a strong and growing office sector. We expect additional acquisitions in the Puget Sound region in the near future.”
This is the third office building acquisition in 2016 by Gemini Rosemont. The company added Raleigh-Durham’s six-story, 131,976 square foot SouthCourt office building in early November. It also acquired the 19-story, 177,489 square foot 610 West Ash office tower in San Diego’s downtown Little Italy district in April.
“One Twelfth at Twelfth is the complete package from an investment standpoint,” said Don Henry, chief operating officer and chief investment officer for Gemini Rosemont. “It is a fully-leased property located in a campus setting in a dynamic submarket that we have been targeting for our investors. The property generates a stable income return but also has potential for capital appreciation due to its location and being in the path of growth.”
The LEED Gold certified office campus sits adjacent to Interstate-405, Eastside’s primary transportation corridor, offering unmatched access and highway visibility. Built in 2001, the property features high quality office space, large and efficient floor plates, comprehensive onsite and nearby amenities, an above-market parking ratio, and superior transportation access and visibility.
“We have identified a number of ‘smart capital’ investments that we can make at One Twelfth at Twelfth, including an upgrade of the building amenities and the use of the common courtyard as a focal point to enhance the tenant experience,” said Jason Kuester, Gemini Rosemont’s senior vice president of acquisitions.
The Eastdil Secured team of Jason Flynn, managing director, Kayln McClure, senior vice president, and Reid Rader, vice president, brokered the transaction.
Led by KG Investment Properties’ regional director Josh Shearer, the property will be managed onsite by Shawn Gilson, senior property manager. The Broderick Group’s Grant Yerke and Jeff Watson will handle leasing.