American Assets Trust (AAT) announces $125 million office acquisition.

American Assets Trust (AAT) announced today that has agreed to acquire Eastgate Office Park, a 280,000 square foot multi-tenant office park located in Bellvue, Washington.  The purchase price is $125 million or approximately $445/sf.  The campus is currently 95% leased and was recently rezoned to allow for a greater floor area ratio.  AAT said the purchase price will be paid for using cash on hand.  As of March 31, 2021, and following a recent bond offering, AAT's unrestricted cash balances stood at $380 million.

Founded in 1967 and taken public in 2011, American Assets Trust is a diversified equity REIT focusing on high-barrier locations along the West Coast. Key markets for AAT include San Francisco, Seattle, Portland, San Diego and Oahu. The portfolio includes approximately 3.1 million sf of anchored retail properties, 3.4 million sf of office properties, 369 hotel rooms and over 2,100 apartment units. AAT has a total market capitalization of approximately $4.1 billion and is a component of the S&P SmallCap 600 index.