Gaw Capital Acquires 52-Acre Bellefield Office Park in Bellevue
Gaw Capital has acquired the 52-acre Bellefield Office Park in Bellevue, Washington, through a deed-in-lieu of foreclosure. The Hong Kong-based private equity firm, which also owns Seattle’s iconic 76-story Columbia Center, purchased the low-rise office campus in a lender-initiated transaction driven by Bank of America.
The Bellefield Office Park comprises 15 buildings totaling approximately 550,000 square feet. Located just south of downtown Bellevue, the campus was developed in phases throughout the late 20th century. Gaw Capital plans to reposition the site through a value-add strategy focused on redevelopment and design enhancements aimed at revitalizing the currently underutilized property.
Previously, the property was owned by Houston-based Lionstone Investments in partnership with Talon Private Capital. The duo acquired the park in 2014 for $120.2 million. In 2019, Lionstone and Talon refinanced the asset, with JLL arranging the loan through Bank of America.
The acquisition marks another significant investment in the Pacific Northwest by Gaw Capital, as the firm continues to expand its presence in major urban markets.
