Dallas-based real estate company, Trammell Crow Co. purchased a 1.5-acre site in downtown Bellevue for $24.1 million on Tuesday. The site, located at 833 108th Ave Northeast, is part of what is currently known as Washington Square, where Wasatch Properties built two condo towers several years ago. Plans include a 19-story office building, expected to break ground in April.
Trammell Crow partnered with Principal Real Estate Investors of Des Moines, Iowa, on what will be a 462,000 square-foot office building, within a block of the Bellevue Transit Center.
“The inventory of large, contiguous blocks of space is very limited and our new development is timed to meet the projected job growth,” said Craig Dobbs, Senior Vice President with Trammell Crow’s Seattle business unit in a statement.
The building will feature street-level retail along 108th Avenue and a two-story lobby.
“As the supply continues to decrease in our other Bellevue investments and demand ramps up, the delivery of this building is well positioned,” said Jay Fisher, Assistant Managing Director with Principal Real Estate Investors. “Our other buildings in the market have performed well over the years and this investment furthers our objective of investing in growing markets with a strong base of technology and traditional office users.”
Lease Crutcher Lewis will be the general contractor on the project and LMN Architects of Seattle will design the tower; CBRE will handle leasing.
Trammell Crow has also recently re-entered the Seattle market, opening an office in October of last year, after the economic downturn closed 30-years of operations in 2008. In January the company purchased a biotech research facility on First Hill.