BELLEVUE, WA-Schnitzer has purchased Raymer Square from Tochterman Management, making way for a multi-use project estimated at $300 million. Adjacent to the Meydenbauer Center convention facilities, the five-acre parcel at Northeast 8th Street and 112th Avenue is one Bellevue’s most prominent downtown locations.

For more than 100 years, the Tochterman family owned the property, which was originally part of a 15-acre farm. In the 1950′s, seven acres were sold to accommodate the building of Interstate 405. In 1999, the Tochtermans sold the land under the Meydenbauer Center to the City of Bellevue for $7.8 million, plus land for an expansion of the center at $1.5 million.

In recent years, the family had taken a run at a major development with New York City-based Palladium Co., but the project was never brought to fruition. Connie Grant, a member of the family, as well as the Chair of the Bellevue Chamber of Commerce, said the decision to sell the property to Schnitzer was in part due to the fact that Schnitzer’s “goals and objectives for the property were so closely aligned” with Tochterman’s. Schnitzer Northwest is a partnership with Portland-based Schnitzer Investment Group.

Grant and other sources revealed that Schnitzer plans to build a 1.5 million-sf complex, with a 500 to 600-room hotel and two office towers with a combined 1M sf of office space. Grant declined to divulge the price paid for the property, stating she was contractually prohibited from releasing that information. The real estate community, however, is speculating that the price is between $28 million and $34 million.

The Tochtermans will not be participating in Schnitzer’s development but will use proceeds from the sale to invest in other area properties. “It’s a matter of diversification,” says Grant. The sale, set to close in early December, hinges on approval by the City of Bellevue, which had a previous agreement with a developer to build a 134,000-sf expansion of the convention center in conjunction with a larger project on the Tochterman property. Approval could come Monday, when the Bellevue City Council is set to meet.

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

*May exclude premium content
Already have an account?


© 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.


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.