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Kemper Completes Lincoln Square Acquisition, Names Manager

BELLEVUE, WA-Stalled for the past 14 months, the $360-million, 1.4-million-sf mixed-use development is about to restart now that Bellevue-based Kemper Development Company has completed its acquisition of the project, which is located across from Kemper's two existing Downtown investments, the 1.3-million-sf Bellevue Square mall, and the 500,000-sf Bellevue Place office and retail development.

By Brian K. Miller | Updated on August 27, 2003

BELLEVUE, WA-Kemper Development Company has completed its acquisition of the stalled $360-million Lincoln Square development, one of the largest mixed-use developments under construction in the nation. When the 1.4-million-sf project is complete, the Bellevue, WA-based developer will control more than three million sf of office and retail space in three neighboring developments in the heart of Downtown.

Kemper acquired Lincoln Square from a group of investors led by Lend Lease Real Estate Investments’ Value Enhancement Fund IV. The purchase price was not disclosed. The project includes a 380,000-sf, multi-story retail podium with a 27-story office tower at one end and a 40-story hotel and condo tower at the other, all over a 2,142-slip underground parking garage that is nearly complete. The project got under way in 2000 and was halted in mid-2002 because of the economic downturn, leaving a hole in the heart of the city.

The project site is located at the corner of NE 8th Street and Bellevue Way. Across Bellevue Way is Kemper’s 1.3-million-sf Bellevue Square mall. Across NE 8th Street is Bellevue Place, Kemper’s 500,000-sf office and retail development that wraps around the Hyatt Regency Bellevue.

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