Investor confidence in the region continues to be robust. This was recently exemplified by the $152.5 million sale of Belle Vista Place, a mixed-use master-plan development site on 4.89 acres in Bellevue. Designed by Seattle architect CollinsWoerman, the project will feature efficiency and flexibility built into the campus including office, retail and subterranean parking.
Newmark’s Kevin Shannon and Ken White in cooperation with Tim O’Keefe represented the seller PMF Investments with assistance from Nick Kucha and Rob Hannan. The Newmark team has advised on and sold 12 office properties in Puget Sound in the last year.
“Bellevue is one of the few pockets nationally where market fundamentals are standing out, validating new spec and office construction,” said Shannon. “The demand drivers are clear in the Seattle Eastside market with approximately one half of the existing office inventory being occupied by FAANG tenants and Microsoft. Capital market conditions for office product on the Eastside are also very strong with a new emerging life science growth engine now fueling additional demand.”
Located at the eastern edge of the downtown core, Belle Vista features I-405 Freeway visibility and proximity to the new East Light Rail station. With substantial work already completed on the design and city entitlements, this class-A project is planned to begin delivery in 2024.
“This incredibly designed project will help transform 112th Avenue into a vibrant, major office and residential development corridor,” O’Keefe adds.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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