As part of the Chapter 11 reorganization of Spiegel Inc., EddieBauer's former parent, Eddie Bauer's existing 232,000-sfheadquarters campus was sold last year to its neighbor, Microsoft,for about $38 million. Eddie Bauer leased back the space for threeyears, which fits perfectly with the Lincoln Square office tower'sdevelopment schedule, which calls for completion in mid-2007.

Located at the corner of Northeast 8th Street and Bellevue Way,Lincoln Square includes a 2,000-slip underground parking garagetopped by a three-story, 300,000-sf retail podium that, in turn, isbeing topped by two opposing towers: the 27-story office buildingand a 42-story building with a 337-room Westin on the lower floorsand 148 luxury condominiums on the upper floors.

The hotel and retail, including several restaurants and a luxurytheater, are on schedule to open for business this November and beconnected to Kemper Development's Bellevue Square Mall via a skybridge. The condominiums, which will be ready for occupancy inearly 2006, have been sold out for some time at prices ranging from$400 to $1,000 per sf. As for the retail, leases are signed formore than 75% of the space and under negotiation for the remainder.In March, Kemper Freeman told his goal was also to havethe office tower topped out and clad by November, but that wasassuming he could be under construction by late May or early June,which did not happen. In mid-July, through a spokesperson, he that lease negotiations are under way and agroundbreaking for the 500,000-sf office component is"imminent."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.