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JPMorgan Chase Bank sells Bellevue, Wash., office campus for less than $225M

JPMorgan Chase Bank sold the 600,000-square-foot Advanta Office Commons in Bellevue, Wash., fully occupied by Microsoft Corp., to the Shidler Group and its affiliate for just less than $224.9 million, the Puget Sound Business Journal reported, citing public records.

The Honolulu-based company paid $200 million for the seven-story office buildings, while its unit Terra Funding Trust contributed the remaining roughly $24.9 million for the land that houses the buildings.

The deal, which marks the largest real estate transaction to take place in 2018 so far, was priced 6.3% less than what JPMorgan paid in 2010, according to the report.

A JPMorgan representative did not immediately respond for comment, while Shidler Group President Larry Taff declined to answer, the March 6 report noted.