American Assets Trust, Inc. [NYSE: AAT] disclosed that it has finalized the purchase of Eastgate Office Park, comprising of nearly 280,000 square feet, a multi-tenant office campus in the premier I-90 corridor submarket of Bellevue, Washington. The buying price of $125 million was paid with cash on hand.
Presently, Eastgate Office Park is more than 95% leased to a diversified tenant base with a weighted average lease term of nearly 3 years with contractual lease rates that the firm views as below customary market rates for the submarket. Furthermore, Eastgate Office Park recently got municipal authorization for rezoning, growing the floor area ratio from 0.5 to 1.0, which will enable considerable additional development opportunities.
Shares of American Assets Trust, Inc. plunged 1.39% as it has lost -0.52 during the trading session of Wednesday. In the past 52-weeks of the trading session, the share of the firm fluctuated between the 52-week low and high range of $20.73 and $38.98, respectively. American Assets Trust has a total market capitalization of $2.24 billion at the time of writing.
The four-building property includes unparalleled on-site facilities with a varied rent roll of technology and professional services firms and includes a campus setting in a natural setting with walking routes and instant access to I-90. The firm is delighted to further strengthen its presence in Bellevue, Washington, and is pleased to add Eastgate Office Park to our portfolio of trophy assets.