Tower developer buys downtown Bellevue site for office high-rise

by Jim Hammerand | July 20, 2018 | Pudget Sound Business Journal

Skanska has purchased a downtown Bellevue property to build an office tower with about 500,000 square feet of commercial space and street-level retail, the developer said Thursday. The 1.77-acre site at 108th Avenue Northeast and Northeast Eighth Street is north of the Symetra Financial Center high-rise.

Skanska paid $33 million to buy the strip mall properties at 10630-10660 N.E. Eighth St. from BV Holdings of Utah, according to the Daily Journal of Commerce.

“The Bellevue commercial office market is incredibly dynamic with a diverse set of industry leading tenants fueling the Eastside’s growth. Given favorable market dynamics, our team is eager to move this project forward quickly to create something truly remarkable for the surrounding community, the city of Bellevue and future tenants,” Skanska Executive Vice President Murphy McCullough said in a news release. “Similar to other projects Skanska developed in the area, we will have a particular focus on creating a wholly unique ground-floor experience in this location.”

The Bellevue deal is Skanska’s sixth development project in the Puget Sound region and its first local land purchase since October 2017, when it bought three properties on the 2200 block of Fourth Avenue in Seattle’s Belltown neighborhood. Skanska plans to build a 300-foot-tall residential tower on that site. Skanska is also building the 2+U office tower in downtown Seattle, which is scheduled to open in July 2019.

Skanska just sold a South Lake Union property for $338.4 million in the biggest Seattle-area deal of 2018 so far.

The downtown Bellevue deal is Skanska’s second in the city after its construction of the Alley 111 downtown apartment building.

Eastside properties are selling fast after the city of Bellevue increased maximum building heights across most of downtown, allowing skyscrapers of up to 600 feet tall.

Vulcan Real estate is planning a large downtown Bellevue office development few blocks away from the Skanska site, and a nearby 11-acre portfolio of properties was listed for sale earlier this year.

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