Last year rolled to a close with downtown Bellevue bandaging its injuries. Economic recession and a high-tech shakeout separated tenants from millions of square feet of offices here. Vacancies had spiked to an unseemly 24.8% by the end of the fourth quarter. And, speaking volumes in its silence was Eugene Horbach's $100-million Bellevue Technology Tower—stranded by financing after having opened a gaping 8-story wound in the downtown core.
Undaunted, Baugh reminisces that tough times have hit before. "I started leasing in Bellevue in 1987 and was here through those bad years of the early 90's." The chairwoman's career includes time as managing director of leasing for both Wright Runstad & Co. and, most recently, Equity Office Properties Trust. Baugh's broker desk is now parked at the Bellevue office of Cushman & Wakefield.
Of her former employer, Baugh says the behemoth EOP is a welcome member of BDA. "They weren't born and raised here, but Equity Office has a number of offices in downtown Bellevue, and they're committed to making it thrive, just like the members that have lived and worked here all their lives."
Baugh enthusiastically anticipates the future. "We know that real estate is cyclical. We've hit a small rocky patch," she concedes then quips, "But, it's going to turn." Expressing faith in her town, Baugh states emphatically, "Downtown Bellevue offers a lot. It's a great community where people can live and work, and companies don't have to build a lot of infrastructure for employees."
The chairwoman outlines her plans, "What I'm really interested in is continuing to work to make downtown a more vibrant place. We need to work to make Bellevue a 24-hour city, and we need to continue increasing amenities."
The organization, says Baugh, was formed in the early 1950's when most of the land and commercial buildings here were owned by local families. A lot has changed since then. Many long-time owners have sold out, and out-of-town muscle, like Chicago-based Equity Office Properties, has moved in. But for all its changes, Baugh says Bellevue is a city she loves and is looking forward to promoting from her new position.
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