American Assets Trust, Inc. (
, a real estate investment trust (REIT), has recently completed the
purchase of a 27-storied office tower named City Center Bellevue l
in Bellevue, Washington. The environment-friendly green
building consists of approximately 497,000 square feet of office
space The $229 million transaction was funded partly by the
company's cash in hand and partly by funds drawn against its
existing credit facility.
The acquisition is a strategic move by American Assets Trust to
foray into the attractive Bellevue-Seattle market. City Center
Bellevue is an upscale property located in Bellevue's Central
Business District with access to the freeway and public transport.
The office tower is approximately 92% leased with unparalleled
views of the Seattle skyline, in addition to Mount Rainier, Lake
Washington, the Cascade and Olympic Mountains.
Earlier in the second quarter of 2012, American Assets Trust signed
32 leases for approximately 205,500 square feet of retail and
office space, along with 302 multifamily apartment leases.
Headquartered in San Diego, California, American Assets Trust is
engaged in the acquisition, development and management of premier
retail, office and residential properties throughout the United
States. At present the company's retail portfolio consists of
approximately 3.0 million rentable square feet and its office
portfolio, of some 2.8 million square feet. The company acquires
properties in strong markets with high barriers to entry which
witness a high influx of tourists all year round.
American Assets Trust currently retains a Zacks #1 Rank, which
translates into a short-term Strong Buy rating. We also have a
long-term Outperform recommendation on the stock. One of its
Simon Property Group Inc (
holds a Zacks #2 Rank, which translates into a short term Buy
AMER ASSETS TR (AAT): Free Stock Analysis
SIMON PROPERTY (SPG): Free Stock Analysis
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