Original Microsoft campus sold for $38.6 million

HAL Real Estate Investments of Seattle said Thursday it sold the original Microsoft campus in Bellevue for $38.6 million to CB Richard Ellis Investors.

The 135,000-square-foot Corporate Campus East, near Interstate 405 and State Road 520, is part of a seven-building office park built from 1981 to 1984. Microsoft remains a major tenant, along with IKON, Wood Harbinger and Re/Max.

CB Richard Ellis Investors said it is buying the property on behalf of a pension fund that it declined to name. CBRE Investors of Los Angeles has $23 billion in assets under management worldwide and plans to grow to $55 billion within five years, with more purchases planned for the Pacific Northwest, said John Strockis, director of West Coast acquisitions.

"We like the health of the economy, the limited availability of space, and the chance to grow rents," Strockis said.