One Twelfth @ Twelfth
Bellevue, Washington

Davis Wright Tremaine's real estate lawyers handled the sale of One Twelfth @ Twelfth, on behalf of Bellevue Hines Development LLC, an affiliate of Houston based developer Hines. One Twelfth @ Twelfth is an urban office campus containing 3, six story buildings and more than 480,000 square feet of office space in Bellevue, Washington. The buyer is an affiliate of Principal Real Estate Investors of Des Moines, Iowa.

DWT has represented the owner of the project throughout the development process from land acquisition through the lease up. One Twelfth @ Twelfth was more than 95 percent leased at closing.

The transaction closed in record time — only a month after the successful bidder was identified. Hines will continue to act as property manager for One Twelfth @ Twelfth.

According to the Puget Sound Business Journal, the per square foot sale price substantially exceeds recent prices in the market and reflects an "astonishing and sudden turnaround in the local office market."

DWT's team included Dennis McLean, Lisa Peterson and Alice Truong in our Seattle office.

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