When other markets are backpedaling to multifamily, big tech is propelling the Bellevue market’s overdrive toward office. In fact, a 34,335-square-foot development site known as ParqHouse Bellevue recently sold for $32.5 million.
Located at 305 108th Ave. NE, ParqHouse Bellevue is adjacent to parks, restaurants and amenities in the core of downtown Bellevue with multiple modes of transportation including the Bellevue Transit Center and Link Light Rail Extension (currently under construction and expected to be complete in 2023).
The proposed development plan originally included 274 luxury residential units, 6,600 square feet of retail and 337 parking stalls. However, the development has changed under new ownership with plans to build an office project in place of residential condos.
Newmark’s Kevin Shannon and Ken White in cooperation with Tim O’Keefe represented the seller Fana Group in the transaction to buyers PGIM (Prudential) and Capstone Partners.
“Bellevue is one of the very few office markets nationally where the demand drivers are clearly positive post-pandemic,” says Shannon. “Big tech is the primary engine driving the submarket for office demand and the timing for new spec office construction is justifiable in this popular submarket.”
According to Newmark research, development is booming in the Puget Sound as the market ranks second in the country with 9.1 million square feet of office space under construction, trailing only Manhattan. Specifically, the Eastside office market is home to the largest tech giants which comprise 46.8 percent of office space. The Eastside’s overall vacancy is holding at 5.8 percent.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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