BELLEVUE, WA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that the Rockefeller Group and Sterling Realty Organization have agreed to develop approximately 2.4 million square feet of commercial property on a 5.46-acre site in downtown Bellevue owned by SRO. The agreement covers five adjacent parcels in the center of downtown Bellevue that can be developed in phases over a specified period of time to allow for demand-driven development.
According to a prepared statement, “plans for the site, located in the heart of Bellevue surrounded by top cultural and public amenities, initially call for the development of three office towers located above a podium that will include both retail shops and public areas.” The site is bordered by NE 8th St. and 106th Avenue to the north and west, and by the Pedestrian Corridor and the Key Bank and Symetra Buildings to the south and east.
The development site is located within walking distance of Bellevue Square, City Hall, the Bellevue Arts Museum, Meydenbauer Center, and many of the city's finest retail stores, restaurants and hotels. The Rockefeller Group tells GlobeSt.com that it cannot disclose construction costs associated with the project at this time.
The class-A office vacancy rate in Bellevue at the end of the fourth quarter 2012 was 7.4%, according to the prepared release. Kevin R. Hackett, president and chief executive officer of the Rockefeller Group, notes that “Bellevue has become a dynamic '24-7' city—the type of vibrant urban environment on which our company has always focused when seeking office development and investment opportunities. We're looking forward to collaborating with SRO and the community with the goal of further enhancing the evolution of downtown Bellevue.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
