American Assets Trust, a San Diego-based real estate investment trust, said it has agreed to purchase the 27-story City Center Bellevue for approximately $229 million.

"We are extremely pleased with the pending acquisition of City Center Bellevue and our eventual entry into this highly constrained market," American Assets president and CEO John Chamberlain said in a statement this week.

Boston-based Beacon Capital Partners is the current owner of the nearly 500,000-square-foot building at 500 108th Ave. NE in Bellevue.

American Assets expects 92 percent of the building's rentable square feet to be leased when the deal closes.

Connor Radnovich: 206-464-2718 or cradnovich@seattletimes.com