Gaw Capital has acquired the 52-acre Bellefield Office Park in Bellevue through a deed-in-lieu of foreclosure.
The Hong Kong-based private equity firm is also the owner of Seattle’s 76-story Columbia Center and the company purchased the low-rise office campus in a lender-driven sale initiated by Bank of America, reported the Puget Sound Business Journal.
The 15-building, 550,000-square-foot campus sits just south of downtown Bellevue and was developed in phases in the late 20th century. Gaw Capital is expected to reposition the property through a value add strategy focused on revitalizing the underutilized real estate through redevelopment and redesign.
Bellefield was previously owned by Houston-based Lionstone Investments, which partnered with Talon Private Capital to acquire it for $120.2 million in 2014. Lionstone and Talon refinanced the asset in November 2019, with JLL working on behalf of the borrowers to secure the loan through Bank of America.
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