Small businesses get a place of their own

Creekside 1550 Office Condominiums

Andy Yeung

Learn more

Creekside 1550 Office Condominiums

1550 140th Ave. N.E.

206-310-4627.

For more information visit www.echelon-equities.com.

As Class A office space continues to increasingly dominate the Bellevue’s Central Business District, a real estate investment company is acting on a niche that needed to be filled.

Huy Phung, the managing member of Echelon Equities, and Andy Yeung, the company’s principal consultant, have developed a new and inventive way for small business owners to avoid the rising rental rates and hedge their long term occupancy costs by avoiding lease increases.

It’s called customized office condos and its hugely popular on the East Coast, the pair say.

Much like purchasing a new car and customizing it to your personalized taste and lifestyle by adding extra amenities, Echelon Equities carries that same concept and translates it to office space.

“It all depends on what the customer wants. It’s a lot like Burger King – we’ll make it your way,” Phung joked. To bring the trend to Bellevue, the company recently launched its office condominium project at the Creekside 1550 Office Park located in the heart of the Bel-Red Corridor. The six units of Class B office space range from 500 square feet to 2,000 square feet and are considered ideal for independent professionals such as small accountant firms, doctor and dental offices, insurance agencies and legal offices.

“There hasn’t been a lot of construction on Class B buildings because the focus is on high rise office space. Right now there are probably less than 10 total units available in Bellevue that are less then 2,000 square feet and more than half of them are ours,” Yeung explained, who is also the managing member of Okah Real-estate Partners, LLC. “Between the two companies, we own six buildings in Bellevue – 50,000 square feet total in Bellevue. We command the most Class B square footage subject to customization and doing the concept that we’re doing.”

The concept of changing rental to ownership is nothing knew. Over the past 10 years the trend of converting rental apartments into condos has soared, the two say.

“It’s hard for people to buy houses, but they may be able to afford purchasing a smaller apartment size space. Yet at the time no one really built condominiums so that became a new trend of apartments being converted into condos,” Phung explained. “What we’re doing is simply the next chapter and the beginning of a trend in commercial office space. You can either rent or own your own place.”

Phung considers this is the time to buy. Interest rates have come down in the last few months, which is propelling people to take advantage of it and lock it up.

To help potential owners visualize the end product, the pair constructed a mode, much like in the residential market where real estate agents stage model homes. Echelon is mirroring that idea, only with office space.

They brought in top-notch interior designers, Hank Lo of CLO Design and Sanny Chan from Vancouver, B.C., to add contemporary and modern design to the office units. To update the interior look and feel of the units, the designers added accent walls, mood lighting, seating structures and more modern carpet tile. The goal was to make the office space more contemporary and inviting.

“Doctors, lawyers and accountants spend more time in their offices then they do in their homes but hardly do people try to design the office space to make it a comfortable setting to enhance their work and productivity,” Phung said, “We’re about customization and making the office a home away from home.”

Lindsay Larin can be reached at llarin@reporternewspapers.com or 425-453-4602.


In consideration of how we voice our opinions in the modern world, we’ve closed comments on our websites. We value the opinions of our readers and we encourage you to keep the conversation going.

Please feel free to share your story tips by emailing editor@bellevuereporter.com.

To share your opinion for publication, submit a letter through our website https://www.bellevuereporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) We reserve the right to edit letters, but if you keep yours to 300 words or less, we won’t ask you to shorten it.

More in Business

Sound Publishing operates the following titles in King County: Federal Way Mirror, Auburn Reporter, Kent-Covington Reporter, Renton Reporter, Enumclaw Courier-Herald, Kirkland Reporter, Bellevue Reporter, Snoqualmie Valley Record, Issaquah Reporter, Redmond Reporter, Bothell-Kenmore Reporter, Mercer Island Reporter and the Vashon-Maury Island Beachcomber.
Bellevue Reporter to suspend print publication

As the coronavirus pandemic continues to rapidly evolve across the globe, the… Continue reading

COVID-19 gathering restriction delays funerals

For one funeral home owner, the confusion came to a head after a recent service.

Boeing plants in Puget Sound area to close; infected Everett worker dies

To the relief of anxious employees, the company said it will shut down factory operations for two weeks.

For sale sign hanging in front of house. File photo
Open houses close due to coronavirus concerns

Northwest Multiple Listing Service halts large group home tours amid pandemic.

Customers buying high volume of products at cannabis shops

Retail establishments get the green light to remain open during COVID-19 pandemic.

AG Ferguson warns of scams related to COVID-19

Washingtonians should be skeptical of claims about virus

Robo investment advice has drawbacks | Business advice column

A monthly business advice column by a Mercer Island financial adviser.

Pinnacle Development proposed two 26 story buildings for the downtown Bellevue area

The proposals are for mixed-use buildings that include residential, shopping and other facilities.

Photo by Claire Albright
                                The Bellevue Ice Rink has various events throughout the season, such as stroller skate days, free skate lessons, Husky Skate Day, and Jedi Skate Night. These help switch up the typical skating experience.
Time to say goodbye to Bellevue Ice Rink for season

Taking a look behind-the-scenes of the Bellevue Ice Rink as the break-down process begins

Business perspective for the new year | Financial advice column

A monthly business column from a local financial adviser.

A new decade begins with low inventory in housing market | Real Estate Column

A monthly real estate snapshot from John L. Scott Real Estate.

Finding your proverbial strawberries | Business column

A monthly business column from Mercer Island financial adviser Bob Toomey.