X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BELLEVUE, WA-A week after word spread that Spieker Properties is planning Bellevue’s largest office tower, the owner-developer of office and industrial space is ready to talk about the proposal.

News broke last week that Spieker had acquired a development site located in Bellevue’s central business district, and is planning to break ground next year on a 550,000-sf, 24-story office tower. It would be the biggest tower in town, though not the tallest.

Spieker Properties (NYSE:SPK) is a publicly traded real estate company that owns and operates over 41 million sf of commercial real estate in California and the Pacific Northwest. Spieker’s Pacific Northwest region president Jim Eddy says the $142 million project will solidify its position as the largest office landlord on the Eastside, the region’s premier suburban office market. Spieker owns and operates over 2.3 million sf of office property.

“With compelling real estate fundamentals, much like what we see in the San Francisco Bay area, Eastside/Bellevue is one of the strongest markets on the West Coast,” adds Eli Khouri, Spieker’s chief investment officer. “In addition to strong demand, the vacancy rate is less than two percent, and significant geographical limitations and entitlement restrictions make development in the area very difficult. And with the limited supply of new space being introduced to the market, rents are rising and are expected to continue their upward momentum going forward.”

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.