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A new tower for downtown Bellevue
Investment company Schnitzer West announced Monday its purchase of a property on the corner of 106th Avenue Northeast and Northeast Fourth Street where a 16-story office tower will be constructed.
The 360,000-square-foot office building and property purchase are being financed from sales proceeds of Schnitzer's North Creek properties and will be constructed to Class A+ standards.
Schnitzer reports this is the ideal time to bring in more office space in downtown Bellevue amid a thriving technology industry there. Office vacancy is only about 6 percent in the central business district.
A Bank of America branch currently located on the Schnitzer West site will be reincorporated into the new tower, which will also offer street-level retail as has been the model for many downtown towers.
The new tower is to be the fourth major construction project for Schitzer West in Bellevue, the latest being The Bravern completed in 2009 and entirely sold earlier this year.