The sale of City Center Plaza in Bellevue, Wash., is expected to close soon for $310 million -- making it one of the biggest trades in the region for the year. Occupied by Microsoft, the premium price is understandable -- and emblematic of what is happening in most markets: Investors like low-risk, long-term tenants. "It boils down to the quality of the asset and the quality of the tenant and the fact that it's a very long-term lease," says Kim Kundrak, chief acquisitions officer for Cole Real Estate Investments, which is buying the building.

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