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BELLEVUE-Puget Sound Energy, a local utility subsidiary of Puget Energy Inc., has signed a lease with developer Bentall Capital, to occupy 90,000-sf of office space at the Summit, an office complex currently under construction in downtown Bellevue.

Located in the Bellevue CBD, Bentall’s three-acre Summit site is zoned to accommodate up to approximately 871,000-sf of office space. This site currently holds a 70,000-sf office building built in 1970, referred to as Summit Ridge. Two new buildings are under construction to be delivered in 2002 and 2003. A third building to replace the existing Summit Ridge is in design review for 17-19 stories and may be 300,000 to 350,000-sf.

Puget Sound Energy plans to relocate its headquarters to the office complex, which will name Building B after the company. Puget plans to occupy about 90,000-sf of the Puget Sound Energy Building starting in 2003. The lease details were undisclosed. However, the average rental rate for comparable space in this submarket is $30.41 psf.

This is a rare deal in downtown Bellevue, which has been plagued with slow commercial real estate activity since last year.

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