Houston-based Hines has obtained a building permit for a 17-story, 377,000-square-foot Summit III project in downtown Bellevue located at 320 108thAvenue NE. Although it has not yet been confirmed, many believe that Amazon.com Inc. will lease the building once complete. Currently, Hines is looking for a space to pre-lease prior to breaking ground.
In addition to Hines, a second developer, Bellevue-based Fana Group of Cos., had submitted a “pre-application” conference in October for an 18-story, 420,000-square-foot building that is part of a mixed-use proposal that was submitted three years ago. Fana has not applied for any permits which was confirmed by a city Department of Development Services spokesperson.
As large tech companies such as Facebook, Amazon, Microsoft, and Google continue to expand on the Eastside, many continue to find the Eastside more and more attractive. According to the Puget Sound Business Journal, “During the third quarter, companies signed leases totaling more than 1.5 million square feet across the Eastside. Based on leasing activity, downtown Bellevue will only have two full floors available for lease by year’s end when the vacancy rate will be around just 4.5 percent.” A real estate industry source said that Amazon will be taking over the Expedia’s current headquarters building and Summit III, a move that will employ 4,500 employees in two towers by 2020.
To read the full Puget Sound Business Journal article, click here.