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7/30/21
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ParqHouse Bellevue, a 34.3k sf development site in Bellevue, WA, was acquired for $32.5 mil by PGIM (Prudential) and Capstone Partners. The proposed development plan originally included 274 luxury residential units, 6.6k sf of retail and 337 parking stalls; however, the development has changed under new ownership with plans to build an office project in place of residential condos.
Located at 305 108th Avenue NE, ParqHouse Bellevue is situated adjacent to major parks, restaurants and amenities in the core of Downtown Bellevue with multiple modes of transportation including the Bellevue Transit Center and Link Light Rail Extension (currently under construction and expected to be complete in 2023). The ParqHouse site offers easy access to the I-405 Fwy and is within walking distance to Bellevue Downtown and the East Main Link Light Rail Stations allowing commuters to access all major bus and light rail lines while providing walkability to work and various amenities.
Newmark’s Co-Head of Capital Markets Kevin Shannon and Executive Managing Director Ken White, in cooperation with Executive Managing Director Tim O’Keefe, represented the seller, Fana Group, in the transaction.
“Bellevue is one of the very few office markets nationally where the demand drivers are clearly positive post-pandemic,” commented Shannon. “Big tech is the primary engine driving the submarket for office demand and the timing for new spec office construction is justifiable in this popular submarket.”
According to Newmark Research, development is booming in the Puget Sound as the market ranks second in the country with 9.1 msf of office space under construction, trailing only Manhattan. The Eastside office market specifically is home to some of the world’s most dynamic tech giants as these companies comprise 46.8% of Eastside office space. The Eastside’s overall vacancy is holding at 5.8%.
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