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Locals Say EOP Now Drives Bellevue Market

BELLEVUE, WA-By owning almost 50% of the local office square footage here, says one disgruntled broker, Equity Office Properties carries too big a stick. Spokespeople say that's how the competitive edge works.

By Janet Parker | Updated on October 24, 2001

BELLEVUE, WA-With the acquisition of Menlo Park, Calif.-based Spieker Properties in July, Equity Office Properties became the largest landowner in the Eastside’s key city. The 410-acre central business district here consists of approximately 5.22 million sf of office space and, at last count, EOP owned more than 2.56 million sf–nearly half the total.

Last summer, many speculated about the impact such a dominant player would have on the market. But, with recent events and the economy being what it has been since the acquisition, has EOP been impacting the standards in Bellevue?

A local real estate expert, speaking on the condition of anonymity, tells GlobeSt.com, “Initially, they (EOP) weren’t adjusting their rates at all, but now they are beginning to get real relative to rates.” He says that with the size and quality of its inventory, the Chicago-based REIT has the clout to undercut competitors — forcing other Bellevue landlords to step in line.

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