American Assets Trust, Inc. Acquires Eastgate Office Park in Bellevue, Washington
July 07 2021 - 4:15PM
American Assets Trust, Inc. (NYSE: AAT) (the “Company”) has
successfully closed on the acquisition of Eastgate Office Park,
consisting of an approximately 280,000 square foot, multi-tenant
office campus in the premier I-90 corridor submarket of Bellevue,
Washington.
Eastgate Office Park is currently greater than
95% leased to a diversified tenant base with a weighted average
lease term of approximately 3 years with contractual lease rates
that the Company views as below prevailing market rates for the
submarket. Additionally, Eastgate Office Park recently obtained
municipal approval for rezoning, increasing the floor area ratio
from 0.5 to 1.0, which will allow for significant additional
development opportunities.
The four-building property features unrivaled
on-site amenities with a diverse rent roll of technology and
professional services companies and features a campus-setting in a
natural landscape with walking trails and immediate access to
I-90.
“We are thrilled to further expand our presence in
Bellevue, Washington and proud to add Eastgate Office Park to our
portfolio of trophy assets,” said Ernest Rady, the Company’s Chief
Executive Officer and President.
The purchase price of $125 million was paid with
cash on hand.
About American Assets Trust,
Inc.
American Assets Trust, Inc. is a full service,
vertically integrated and self-administered real estate investment
trust, or REIT, headquartered in San Diego, California. The company
has over 50 years of experience in acquiring, improving,
developing and managing premier office, retail, and residential
properties throughout the United States in some of the
nation’s most dynamic, high-barrier-to-entry markets primarily
in Southern California, Northern
California, Oregon, Washington, Texas and
Hawaii. The company's office portfolio comprises
approximately 3.7 million rentable square feet, and its retail
portfolio comprises approximately 3.1 million square feet. In
addition, the company owns one mixed-use property (including
approximately 97,000 rentable square feet of retail space and a
369-room all-suite hotel) and 2,112 multifamily units. In 2011, the
company was formed to succeed to the real estate business of
American Assets, Inc., a privately held corporation founded in 1967
and, as such, has significant experience, long-standing
relationships and extensive knowledge of its core markets,
submarkets and asset classes. For additional information, please
visit www.americanassetstrust.com.
Forward Looking Statements
This press release may contain forward-looking
statements within the meaning of the federal securities laws, which
are based on current expectations, forecasts and assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially. Forward-looking statements relate
to expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” or
“potential” or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters.
While forward-looking statements reflect the company's good faith
beliefs, assumptions and expectations, they are not guarantees of
future performance. Currently, one of the most significant risk
factors, is the potential adverse effect of the current COVID-19
pandemic on the financial condition, results of operations, cash
flows and performance of the company, its tenants and guests, the
real estate market and the global economy and financial markets.
The extent to which COVID-19 impacts the company, its tenants and
guests will depend on future developments, which are highly
uncertain and cannot be predicted with confidence, including the
scope, severity and duration of the pandemic, the actions taken to
contain the pandemic or mitigate its impact, and the direct and
indirect economic effects of the pandemic and containment measures,
among others. For a further discussion of these and other factors
that could cause the company's future results to differ materially
from any forward-looking statements, see the section entitled “Risk
Factors” in the company's most recent annual report on Form 10-K,
and other risks described in documents subsequently filed by the
company from time to time with the Securities and Exchange
Commission. The company disclaims any obligation to publicly update
or revise any forward-looking statement to reflect changes in
underlying assumptions or factors, of new information, data or
methods, future events or other changes.
Source: American Assets Trust,
Inc.
Investor and Media Contact:
American Assets Trust
Robert F. Barton Executive Vice President and
Chief Financial Officer 858-350-2607
American Assets (NYSE:AAT)
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