Apr
29


Bellevue is Heating Up

Friday, April 29, 2011

Here are three signs downtown Bellevue is heating up:
• Expedia is expanding and is rumored to be taking 50,000 square feet of space at Skyline Tower. Makes sense. The company is growing, with 349 job openings in Bellevue listed on its website. Plus, Skyline is next to Expedia's headquarters. Company officials did not respond to an email seeking comment.
• Investors are interested. A brief article tucked inside yesterday's Wall Street Journal stated New York-based Thor Equities has agreed to buy Bellevue Galleria for $87.5 million. “We see enormous potential in this market and in this property in particular,” Thor Chairman and CEO Joe Sitt told the Journal. The 204,000-square-foot office and retail project is 99 percent leased. A spokesperson for the current owner, RP Realty Partners of Los Angeles, did not respond to an email.
• The Puget Sound Business Journal reported Beacon Capital Partners is trying to sell the 23-story Key Center office tower. Beacon President Fred Seigel told the PSBJ the lack of high-quality assets for sale and record-low financing make this a good time to sell.
This all means “Bellevue's got a pulse. It's got a big pulse,” said Brian Hatcher, an Eastside office broker with Kidder Mathews. The amount of activity among office users is triple what it was a year ago and six times greater than in 2009, with “a lot of big tenants sniffing around.”
This is happening in a market where there are few, if any, blocks of 50,000 square feet or more. “All the towers have some vacancy. But big blocks? Not there,” said Hatcher. He predicts rents will rise 15 to 20 percent in the next 12 to 18 months.
“It's got to happen,” he said.
Here are three signs downtown Bellevue is heating up:


This all means “Bellevue's got a pulse. It's got a big pulse,” said Chris White. The amount of activity among office users is triple what it was a year ago and six times greater than in 2009, with “a lot of big tenants sniffing around.”

This is happening in a market where there are few, if any, blocks of 50,000 square feet or more. All the towers have some vacancy. But big blocks? Not there. Predictions indicate rents will rise 15 to 20 percent in the next 12 to 18 months.

“It's going to happen,” White says. “And this will result in an increase in home values as more employees are added to Bellevue’s downtown office buildings."

 






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Estella said
"That is a beautiful shot with very good lighting ." about Women Consider Owning a Home to be a Vital Component of the American Dream
on Sunday, May 12, 2013 @ 9:57 AM

Chris White - Team Leader said
"Unfortunately you are not alone. It's more than an outcry. The powers that be really need to come down harder on Bofa than they already are. Working on these short sale for over 2 years now I've uncovered down right fraud happening on the lenders parts. If they cared more about moving this country forward than protecting their own wallets then they would cut the red tape and approve these short sales in a timely manner. Our team made the wise decision to get BofA loans which were FHA or Freddie Mac backed, approved prior to listing on the market. Then we can list the home as "Price Approved" and close in 30 days. In this instance BofA does a full appraisal, rather than an incompetent "Broker Price Opinion" (nothing against agents but they have no idea how to make adjustments on comparable homes) and then the bank issues an "Approval To Participate" letter which dictates what price we can go on the market and take anything north of 88%. I really do hope your situation improves. " about Congressional Bill to Speed Up Short Sales
on Tuesday, August 30, 2011 @ 9:15 AM

Lisa Zeiner said
"We made an offer 4 months ago to BofA, and have heard nothing. It was a cash offer which is better than the zero money they are collecting now. And since the people don't care they are trashing the place, by the time BofA gets around to it our offer will be gone as the place is a mess!! Septic issues now, garbage being dumnped. All of this could have been avoided if BofA really wanted to correct their cash flow problem and sell these properties in a timely manner. They cry about cash but then do nothing intelligent to fix the problem" about Congressional Bill to Speed Up Short Sales
on Tuesday, August 30, 2011 @ 9:06 AM

Jones Ramirez said
"Thank you for the work you have done into this post, it helps clear up a few questions I had." about How do appraiser’s determine a homes value?
on Tuesday, April 19, 2011 @ 10:07 PM

HollyRobsonf said
"Hey - I am certainly happy to find this. great job!" about Bank of America to Offer Principal Reduction to Underwater Borrowers
on Wednesday, April 13, 2011 @ 6:45 PM