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GlobeSt.com UPDATE: EOP Sets '06 Start Date for Eastside Addition

BELLEVUE, WA-Construction on the 26-story, 559,000-sf office tower will get under way in July and will take 18- to 21 months to complete.

By Brian K. Miller | Updated on December 16, 2005

BELLEVUE, WA- Equity Office Properties Trust says it will break ground here next summer for City Center East, a speculative 26-story Downtown office tower that will be complete in early 2008. The company’s board of trustees signed off on the 559,000-sf development earlier this week without requiring pre-leasing or construction financing.

City Center East will be located on a portion of three acres on the Southwest corner of 110th Avenue and NE 6th Street, above a 1,500-slip subterranean parking garage. Equity Office purchased the development site, which is currently operating as a surface parking lot, in conjunction with the 1999 acquisition of City Center Bellevue I, a 27-story, 468,000-square-foot class A office building that will be integrated into the project and renamed City Center West. Along with the new building, EOP is developing a 2.5 acre urban park between the two buildings and the overall development will be called City Center Plaza.

Pat Callahan, EOP’s senior vice president of the Seattle region, tells GlobeSt.com the decision to move forward is a direct response to Bellevue’s tight vacancy rate and healthy job growth. The Bellevue CBD has made a strong recovery since the tech downturn in 2001, with vacancy rates at 6.7% in class A space, and 8.2% overall. There are few to no large blocks of space available, according to local brokers.

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