Yes, making sure people have an option to live closer to where most jobs are located is definitely a good thing for a variety of reasons. It's disappointing that the only way to accomplish this now is with large, direct subsidies. If only our local municipalities would loosen up on density maximums and townhouses. We would all be much better off.
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Another new project forthcoming in Bel-Red. 7 stories, 173 units on the corner or Bel-Red and 130th. Nothing is extraordinary about this but I do want to draw attention to the second and third diagrams that show the new street that is part of this project. To my knowledge, this will be the first of new east/west streets to go into the neighborhood. That area really suffers some big, irregular blocks so I'm excited to see the city getting serious about improving accessibility.
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Holland Partner Group is finalizing their big Bel-Red project. It's a little chunky but I'm not complaining. And more street connections! With 9 stories and 402 units, it's a big project. It's hard to tell exactly from looking at the sections but it also appears that it might be using the rarely deployed light-gauge metal framing over a concrete podium. The only other project I can think of that went that route is the Arras building in the Spring District with 10 stories.
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Introducing 128th, 129th, and 19th. I wish NE 19th St was a named street. And it appears 128th and 129th will be only half constructed as fire access until future projects finish them as genuine local street connection.
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Introducing 128th, 129th, and 19th. I wish NE 19th St was a named street. And it appears 128th and 129th will be only half constructed as fire access until future projects finish them as genuine local street connection.
It's official:
Wright Runstad sells Facebook-leased Spring District offices for $365M
By BRIAN MILLER
Real Estate Editor
Rendering by NBBJ [enlarge]
Block 16 tenant Facebook has extended its work-from-home policy to July of next year.
Wright Runstad announced on Friday the pending $365 million sale to Brookfield Asset Management of Block 16 in the Spring District. King County hasn't yet recorded the sale, which will be worth about $1,062 per square foot. Eastdil Secured brokered the deal.
Wright Runstad and partners said the deal “is reflective of growing institutional interest in the Puget Sound region and Bellevue in particular.”
The 11-story tower at 1288 123rd Ave. N.E. was designed by NBBJ and built by Turner Construction. Wright Runstad says it has 343,528 square feet. It's on the east side of the large mixed-use development, which is bisected by the light rail tracks and future station. Rail service will begin in 2023.
The sale was expected. Broderick Group said in its third quarter Eastside office report that a deal was pending. It lists the building at 337,996 square feet. The county says 316,809 square feet of offices, plus five retail/commercial bays with 12,807 square feet, and five levels of underground parking with 908 stalls.
Shorenstein Properties was Wright Runstad's partner in the sale — as it has been for the entire 36-acre Spring District project. Also part of the Block 16 seller's group was J.P. Morgan Global Alternatives, which came on board in 2018 to help build the 11-story Block 16 on spec. Facebook then leased the space the following year, along with Blocks 6 and 24. Both of the latter are still under construction, with Block 24 closer to completion.
In addition, Facebook now owns and will occupy what was to be REI's headquarters building at the Spring District; it'll likely get a new name. Though its workers are now mostly working remotely, Facebook has claimed about 1.2 million square feet at the Spring District, which continues to grow northward.
Wright Runstad's Greg Johnson said in a statement, “Further expansion of the Spring District includes two more large scale projects that will add another 530,000 square feet of office space by 2023, and there is even more in the pipeline.”
Blocks 5 and 13 still are in planning; city records list them at about 500,000 square feet combined. Broderick, which is leasing them, says 525,000. NBBJ is the architect; no general contractor or start date have been announced. A hotel and more apartments are also possible.
Brookfield is a large developer and investor, with its headquarters in New York and Toronto. It has about $500 billion in assets under management. The Block 16 buyer of record is a real estate fund it advises.
In our region, Brookfield owns Westlake Center, Alderwood (formerly Alderwood Mall) and The Shops at the Bravern in Bellevue.
Wright Runstad sells Facebook-leased Spring District offices for $365M
By BRIAN MILLER
Real Estate Editor
Rendering by NBBJ [enlarge]
Block 16 tenant Facebook has extended its work-from-home policy to July of next year.
Wright Runstad announced on Friday the pending $365 million sale to Brookfield Asset Management of Block 16 in the Spring District. King County hasn't yet recorded the sale, which will be worth about $1,062 per square foot. Eastdil Secured brokered the deal.
Wright Runstad and partners said the deal “is reflective of growing institutional interest in the Puget Sound region and Bellevue in particular.”
The 11-story tower at 1288 123rd Ave. N.E. was designed by NBBJ and built by Turner Construction. Wright Runstad says it has 343,528 square feet. It's on the east side of the large mixed-use development, which is bisected by the light rail tracks and future station. Rail service will begin in 2023.
The sale was expected. Broderick Group said in its third quarter Eastside office report that a deal was pending. It lists the building at 337,996 square feet. The county says 316,809 square feet of offices, plus five retail/commercial bays with 12,807 square feet, and five levels of underground parking with 908 stalls.
Shorenstein Properties was Wright Runstad's partner in the sale — as it has been for the entire 36-acre Spring District project. Also part of the Block 16 seller's group was J.P. Morgan Global Alternatives, which came on board in 2018 to help build the 11-story Block 16 on spec. Facebook then leased the space the following year, along with Blocks 6 and 24. Both of the latter are still under construction, with Block 24 closer to completion.
In addition, Facebook now owns and will occupy what was to be REI's headquarters building at the Spring District; it'll likely get a new name. Though its workers are now mostly working remotely, Facebook has claimed about 1.2 million square feet at the Spring District, which continues to grow northward.
Wright Runstad's Greg Johnson said in a statement, “Further expansion of the Spring District includes two more large scale projects that will add another 530,000 square feet of office space by 2023, and there is even more in the pipeline.”
Blocks 5 and 13 still are in planning; city records list them at about 500,000 square feet combined. Broderick, which is leasing them, says 525,000. NBBJ is the architect; no general contractor or start date have been announced. A hotel and more apartments are also possible.
Brookfield is a large developer and investor, with its headquarters in New York and Toronto. It has about $500 billion in assets under management. The Block 16 buyer of record is a real estate fund it advises.
In our region, Brookfield owns Westlake Center, Alderwood (formerly Alderwood Mall) and The Shops at the Bravern in Bellevue.
Wright Runstad and NBBJ polish design for Block 13 at Spring District
By BRIAN MILLER
Real Estate Editor
Rendering by NBBJ [enlarge]
In this view, looking southwest, the completed GIX building is visible to the left of the proposed Block 13.
Wright Runstad recently sold the Facebook-leased Block 16 at the Spring District for $365 million. Two other office buildings are now under construction for Facebook: Blocks 6 and 24. What's next in the pipeline? Possibly Block 13, at 1325 123rd Ave. N.E., also designed by NBBJ, and now under review by the city of Bellevue.
No tenant has been announced for the nine-story building, which will have about 198,000 square feet of offices. Broderick Group is leasing the space, which it's projecting for delivery in 2023. (That's the same year when light rail service will reach the Spring District.)
With partners Shorenstein Properties and J.P. Morgan Global Alternatives, Wright Runstad began Block 16 on spec — then leased it during construction. That approach may or may not be contemplated again. No start date has been announced.
The Block 13 site is in the middle of the south end of the Spring District, immediately north of the GIX building. Block 13 will overlook the brew-pub and central green space; it'll also look north to the former REI HQ, now owned by Facebook.
Block 13 will likely also include around 2,300 square feet of re-tail/commercial space at grade. Underground parking will total about 340 stalls.
Also unclaimed is Block 5, which is also projected for completion in 2023. That 11-story building will have about 327,000 square feet.
By BRIAN MILLER
Real Estate Editor
Rendering by NBBJ [enlarge]
In this view, looking southwest, the completed GIX building is visible to the left of the proposed Block 13.
Wright Runstad recently sold the Facebook-leased Block 16 at the Spring District for $365 million. Two other office buildings are now under construction for Facebook: Blocks 6 and 24. What's next in the pipeline? Possibly Block 13, at 1325 123rd Ave. N.E., also designed by NBBJ, and now under review by the city of Bellevue.
No tenant has been announced for the nine-story building, which will have about 198,000 square feet of offices. Broderick Group is leasing the space, which it's projecting for delivery in 2023. (That's the same year when light rail service will reach the Spring District.)
With partners Shorenstein Properties and J.P. Morgan Global Alternatives, Wright Runstad began Block 16 on spec — then leased it during construction. That approach may or may not be contemplated again. No start date has been announced.
The Block 13 site is in the middle of the south end of the Spring District, immediately north of the GIX building. Block 13 will overlook the brew-pub and central green space; it'll also look north to the former REI HQ, now owned by Facebook.
Block 13 will likely also include around 2,300 square feet of re-tail/commercial space at grade. Underground parking will total about 340 stalls.
Also unclaimed is Block 5, which is also projected for completion in 2023. That 11-story building will have about 327,000 square feet.
When I hear people not in real estate world whine about all the new construction, I point to sales like this where the asset value is $422,000/unit and most of the time I'm met with deer in headlights stares. Goodman is known for being very budget conscious so I bet they doubled their money on this deal.
San Diego investor pays over $190M for 451 Bel-Red units
By BRIAN MILLER
Real Estate Editor
Photo by MG Properties Group [enlarge]
The apartments have various amenities and plenty of parking, with a location that’s walkable to the future light rail station.
The former LIV Bel-Red, now dubbed Vue 22, has sold for over $190.6 million, according to King County records. The seller was an LLC associated with Kennedy Wilson, which acquired the property at 2170 Bel-Red Road in 2016 for about $171.6 million.
The buyers were six LLCs associated with MG Properties Group of San Diego. Public records indicate a nearly $116.1 loan from Freddie Mac, sourced through JLL Real Estate Capital — whose Charles Halladay, Rick Salinas and Jake Wisnes secured the funding.
MG Properties announced the purchase last week on its website, and said its broker was a JLL team led by David Young, Corey Marx, Chris Ross and Jordan Louie. The deal was worth about $422,753 per unit.
Mark Gleiberman, CEO of MG Properties, said in a statement, “We have been very active purchasers in the Seattle region, and believe Bellevue is well-positioned to benefit from economic growth in the near term.”
Developed circa 2014 – 2015 in two phases by Goodman Real Estate, Vue 22 has 451 units in four midrise buildings. There are 476 structured parking stalls. The roughly 4.2-acre property is a little south of state Route 520. It's also about a 16-minute walk north to the future Overlake Village Station, where light rail service will begin in 2023.
Vue 22 also is close to Microsoft's main campus, which is undergoing a significant and costly refresh — signaling its commitment to a large physical campus in Bel-Red.
MG Properties-related LLCs last year paid about $119 million for the 383-unit Tivalli in Lynnwood, which was also sold by Kennedy Wilson. The company says, “We are targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.”
MG Properties now owns or manages over 76 West Coast apartment properties with 21,000 units. It values that portfolio at over $5 billion. Including Vue 22, it now has eight properties in our state, all in what might be called suburban ring markets, including Reunion at Redmond Ridge.
San Diego investor pays over $190M for 451 Bel-Red units
By BRIAN MILLER
Real Estate Editor
Photo by MG Properties Group [enlarge]
The apartments have various amenities and plenty of parking, with a location that’s walkable to the future light rail station.
The former LIV Bel-Red, now dubbed Vue 22, has sold for over $190.6 million, according to King County records. The seller was an LLC associated with Kennedy Wilson, which acquired the property at 2170 Bel-Red Road in 2016 for about $171.6 million.
The buyers were six LLCs associated with MG Properties Group of San Diego. Public records indicate a nearly $116.1 loan from Freddie Mac, sourced through JLL Real Estate Capital — whose Charles Halladay, Rick Salinas and Jake Wisnes secured the funding.
MG Properties announced the purchase last week on its website, and said its broker was a JLL team led by David Young, Corey Marx, Chris Ross and Jordan Louie. The deal was worth about $422,753 per unit.
Mark Gleiberman, CEO of MG Properties, said in a statement, “We have been very active purchasers in the Seattle region, and believe Bellevue is well-positioned to benefit from economic growth in the near term.”
Developed circa 2014 – 2015 in two phases by Goodman Real Estate, Vue 22 has 451 units in four midrise buildings. There are 476 structured parking stalls. The roughly 4.2-acre property is a little south of state Route 520. It's also about a 16-minute walk north to the future Overlake Village Station, where light rail service will begin in 2023.
Vue 22 also is close to Microsoft's main campus, which is undergoing a significant and costly refresh — signaling its commitment to a large physical campus in Bel-Red.
MG Properties-related LLCs last year paid about $119 million for the 383-unit Tivalli in Lynnwood, which was also sold by Kennedy Wilson. The company says, “We are targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.”
MG Properties now owns or manages over 76 West Coast apartment properties with 21,000 units. It values that portfolio at over $5 billion. Including Vue 22, it now has eight properties in our state, all in what might be called suburban ring markets, including Reunion at Redmond Ridge.
I think we may have seen this already but since it's in the DJC I figured I would throw it in as well. Great to see all this coming to fruition!
408 Bel-Red units planned near light rail station
By BRIAN MILLER
Real Estate Editor
Rendering by Jackson Main Architecture [enlarge]
This very preliminary massing study indicates the auto property is headed for sale.
The Bel-Red Auto Rebuild property, at 1422 130th Ave. N.E., appears to be on the market and bound for redevelopment. On behalf of the owner, Jackson Main Architecture has filed an early feasibility plan to redevelop with a seven-story, 408-unit apartment building.
The auto business and land have long been owned by Jim Curry, who founded the shop in 1974. It's not publicly listed for sale. The 2-acre midblock property is a few steps south from the future Bel-Red/130th Station, which will open in 2023.
For now, the working title for the plan is Bel-Red 130. Jackson Main's proposal also includes 2,814 square feet of retail/commercial space. About 413 parking stalls would go on one structured and one level below grade.
The preferred massing would be to have two C-shaped wings facing a central courtyard. Total project size is estimated at 463,630 square feet.
If the property goes to market, it would join a half-dozen other industrial-to-multifamily deals. Those include the 173-unit Big 1 project, which appears to have all its permits and could be for sale; the planned 298-unit Bellevue Station, which Legacy Partners intends to buy and build; SummerHill Apartment Communities' planned 249 units, on a corner it already owns; and Holland Partner Group's planned 402 units — also on land it owns.
408 Bel-Red units planned near light rail station
By BRIAN MILLER
Real Estate Editor
Rendering by Jackson Main Architecture [enlarge]
This very preliminary massing study indicates the auto property is headed for sale.
The Bel-Red Auto Rebuild property, at 1422 130th Ave. N.E., appears to be on the market and bound for redevelopment. On behalf of the owner, Jackson Main Architecture has filed an early feasibility plan to redevelop with a seven-story, 408-unit apartment building.
The auto business and land have long been owned by Jim Curry, who founded the shop in 1974. It's not publicly listed for sale. The 2-acre midblock property is a few steps south from the future Bel-Red/130th Station, which will open in 2023.
For now, the working title for the plan is Bel-Red 130. Jackson Main's proposal also includes 2,814 square feet of retail/commercial space. About 413 parking stalls would go on one structured and one level below grade.
The preferred massing would be to have two C-shaped wings facing a central courtyard. Total project size is estimated at 463,630 square feet.
If the property goes to market, it would join a half-dozen other industrial-to-multifamily deals. Those include the 173-unit Big 1 project, which appears to have all its permits and could be for sale; the planned 298-unit Bellevue Station, which Legacy Partners intends to buy and build; SummerHill Apartment Communities' planned 249 units, on a corner it already owns; and Holland Partner Group's planned 402 units — also on land it owns.
FWIW, it's definitely less than an 8 minute walk. Google maps says it's a 5m walk, which mean's it's really a 4m walk. Anyway, it's close to the new station.
120 Bel-Red units will be 8-minute walk to future transit center
By BRIAN MILLER
Real Estate Editor
Rendering by Jackson Main Architecture [enlarge]
In this very preliminary massing study, looking northeast, 130th is in the left foreground, with Northup at top.
Back in 1996, the Andonian family — which owns Pande Cameron — paid about $1 million for a corner commercial property at 13013 N.E. 20th St. in Bellevue. The address is slightly misleading: It's on the corner of Northup Way and 130th Avenue Northeast. That's about an eight-minute walk south to the future Bel-Red/130th Station, where light rail service will begin in 2023.
Now, with Jackson Main Architecture, the family has submitted a plan to replace two old one-story buildings with a seven-story, 120-unit apartment project.
The corner is now home to various businesses including Custom Touch Interiors. It totals about 38,262 square feet. Pande Cameron once had a rug and carpet store there.
Jackson Main estimates the total project size, including the parking, at 215,469 square feet. If the project proceeds, it'll join a half-dozen others planned near the light rail station. The property isn't currently listed for sale, but that could change.
Units would run from studios to three bedrooms, in a range from about 550 to 1,183 square feet. Ground floor retail/commercial space would total around 6,700 square feet, arranged in two bays flanking a central courtyard. One level of underground parking would have about 102 stalls.
Pande Cameron was founded as a rug importer in 1924; Mihran Paul Andonian joined the firm not long after, and bought the business in the 1950s. It's now in its third generation of family leadership. The business is today based in the Duwamish area, south of SoDo.
For decades, Pande Cameron was on Pine Street, at Ninth Avenue, where the family sold its building for $8.6 million in 2007 to Security Properties — which then flipped the site to Holland Partner Group, which then developed the 40-story Premiere on Pine apartments. Holland sold that project in 2015 for $240 million.
After selling its Pine Street building, Pande Cameron moved to rented space in South Lake Union for several years, before moving farther south to its current home.
120 Bel-Red units will be 8-minute walk to future transit center
By BRIAN MILLER
Real Estate Editor
Rendering by Jackson Main Architecture [enlarge]
In this very preliminary massing study, looking northeast, 130th is in the left foreground, with Northup at top.
Back in 1996, the Andonian family — which owns Pande Cameron — paid about $1 million for a corner commercial property at 13013 N.E. 20th St. in Bellevue. The address is slightly misleading: It's on the corner of Northup Way and 130th Avenue Northeast. That's about an eight-minute walk south to the future Bel-Red/130th Station, where light rail service will begin in 2023.
Now, with Jackson Main Architecture, the family has submitted a plan to replace two old one-story buildings with a seven-story, 120-unit apartment project.
The corner is now home to various businesses including Custom Touch Interiors. It totals about 38,262 square feet. Pande Cameron once had a rug and carpet store there.
Jackson Main estimates the total project size, including the parking, at 215,469 square feet. If the project proceeds, it'll join a half-dozen others planned near the light rail station. The property isn't currently listed for sale, but that could change.
Units would run from studios to three bedrooms, in a range from about 550 to 1,183 square feet. Ground floor retail/commercial space would total around 6,700 square feet, arranged in two bays flanking a central courtyard. One level of underground parking would have about 102 stalls.
Pande Cameron was founded as a rug importer in 1924; Mihran Paul Andonian joined the firm not long after, and bought the business in the 1950s. It's now in its third generation of family leadership. The business is today based in the Duwamish area, south of SoDo.
For decades, Pande Cameron was on Pine Street, at Ninth Avenue, where the family sold its building for $8.6 million in 2007 to Security Properties — which then flipped the site to Holland Partner Group, which then developed the 40-story Premiere on Pine apartments. Holland sold that project in 2015 for $240 million.
After selling its Pine Street building, Pande Cameron moved to rented space in South Lake Union for several years, before moving farther south to its current home.
21 - 40 of 1248 Posts
