Top Office Vacancies in Downtown Bellevue

Downtown Bellevue consists of 48 commercial office buildings totaling over 6.1 million square feet. The current vacancy rate in the submarket is 5.44% on a direct basis, nearly 5 percentage points below what is considered to be a “healthy” market. With so little vacancy there are very few large blocks of vacant space. Four of the largest spaces currently vacant and listed as available are as follows:

The Skyline Tower – 10900 NE 4th St, Suite 700 17,890 square feet, the price per square foot annually is $42.00 on a full service basis.

One Bellevue Center – 411 108th Ave NE, Suite 300 18,182 square feet, the price per square foot annually is $37.00 on a full service basis.

Symetra Financial Center – 777 108th Ave NE Suite 1700 18,505 square feet, the price per square foot annually is $42.50 on a full service basis.

110 Atrium Place – 110 110th Ave NE, Suite 410 15,864 square feet, the price per square foot annually is $37.00 on a full service basis.

The first three spaces listed are full floor vacancies, and to put the sizes in perspective, 200-250 square feet of space is typically what is leased per person in an office space. For example, the vacancy at One Bellevue Center would accommodate 80 employees if 225 square feet was calculated for every person. With such a low vacancy rate, and all but one of the "under construction" buildings in Downtown Bellevue pre-leased, it will be interesting to see if landlords continue increasing lease rates.

*Full service lease rates include all operating expenses; lease rates quoted on a triple net basis do not.

Ask Lea: Time for Thai

Hey Lea,

I really like to eat Thai food every now and then, but Bellevue has so many Thai restaurants that I don't know where to go! Do you have any recommendations?

- In the mood for Thai food

Dear In the mood for Thai food,

Thai food happens to be my favorite cuisine, so you've asked me a great question! You are right, Downtown Bellevue does have a lot of Thai food restaurants. If you're new to the area and ask around, most people will tell you their favorite Thai food is at Chantanee on 105th Ave. In fact, a lot of people in Bellevue will tell you it's their favorite Thai restaurant.

I encourage you to try it out, but I wouldn't limit your selections. There are other decent Thai places to eat at, like King & I or Thai Grill, and every Thai restaurant in the area has similar offerings at very similar prices.

I will say that my own personal favorite Thai food restaurant in Downtown Bellevue is Nibbana Thai Cookery on 108th Ave. Their food is authentic, their portions are nicely sized, they have a traditional atmosphere with Thai-inspired decor, their wait staff is friendly, and when you ask for three stars you know what to expect. I hate it when you ask for two stars, but it actually ends up as five, and you leave the restaurant as a fire-breathing dragon with a runny nose!

It will be interesting to see how Thai food develops in this city. With the recent addition of Zen Asian Bistro and the anticipated opening of Wild Ginger, consumers will also be able to find Thai food at more fusion restaurants. I wonder how long the "hole-in-the-wall" Thai food places will last.

From one Thai food lover to another,

Lea

David Barton Gym Announced at The Bravern

David Barton Gym is the newest announcement of The Bravern Project. This fitness gym is acclaimed for being a world renowned personal training facility, with cutting edge interiors. Barton's famous promise to his customers is to "make you look better naked."

The Gym will occupy 37,000 square feet, which will include a strength training floor, Yoga studio, space for cardio equipment, and an area for group training classes.

Currently David Barton Gym is located in five locations on the East Coast within Chicago, Miami, and New York City. The Downtown Bellevue gym will be the first on the West Coast.

Barton alluded that the mix of high end luxury retail combined with Microsoft moving into the two office towers will make a great location for the gym. In a recent press release, Barton was quoted saying , "My new gym will be so inspiring that even techies will start looking like their fantasy characters."

The Bravern project, along with the gym, is slated for opening in 2009.

Old Paragon Hotel to be Demolished

The building at 818 112th Ave NE, which the Paragon Hotel used to occupy in Downtown Bellevue, will soon be demolished within the next two weeks to make way for a NE 10th Street bridge over Interstate 405.

With residential and commercial projects currently in construction, such as Elements Too, The Bravern, Washington Square, and others in the pipeline such as VIDA, it will bring in even more traffic in on an already congested area. This transportation project once created, will hardly make a difference relative to what we are used to today. It is more of a preventative project for many new residents and workers who will now be traveling to Downtown Bellevue on a regular basis.

The Bellevue Reporter recently reported that this project will be a partnership between both the City of Bellevue and the Department of Transportation. When complete, the project will allow traffic to travel directly across I-405 onto NE 10th Street.

This new bridge is slated to be complete and open to motorists in 2009.

Vote for the Best in Downtown Bellevue

The 2008 Haute Picks are now available to be voted for. These are the awards for Downtown Bellevue's "Best of" categories. The 20 categories focus primarily on retail shops and services.

Voting ends on Friday, April 4th. Winners will be announced April 22nd, by the Downtown Bellevue Association.

New Office Building in the Works on 108th Ave

Seattle Times article on Thursday reported on a 15-story office tower on 108th Ave that began construction after long delays this week. Bentall Capital U.S. has been planning since 2005 to begin construction on this project, and it is now finally underway.

This new office building will allow for 15-stories of space for tenants to occupy and seven stories of underground parking.

Currently there, is the Summit Ridge building which was constructed in 1970.

The project is slated for completion in December of 2009.

Avalon Meydenbauer - Retail Details

Safeway will be the main anchor of the retail space at Avalon Meydenbauer with 55,000 sq. ft. and will be accompanied by many other complimenting retail stores.

Tenants already expected to occupy the north end of the building include: Subway, Cefiore Frozen Yogurt, Happy Nails & Spa, and The Vitamin Shoppe.

The south end of the building includes: Andre's Dry Cleaners, Len's Crafters, Desert Sun, Giraffe Clothing, and BECU Bank.

This will bring the total of Subway resturants in the Downtown core to 5 stores.

There are currently three retail spaces still available for lease at Avalon Meydenbauer, one of which is a fairly large space facing Bellevue Way on the north end. These stores will begin opening over the next two months.

Luxury Renting

Not ready to commit to buying a place in Downtown Bellevue, but still want luxury living? You will find no place nicer to rent in Bellevue, and most likely all of the Eastside, than at 4004 One Lincoln Tower.

This fully furnished 3,000 sq. ft. penthouse condo is 40 floors up and has beautiful views in all directions. In addition to the 2 bedroom home, some of the features include two walk-in closets, a built in espresso machine, a work out room, four parking spots, and custom designed furniture.

All this can be yours for the price of $14,000 per month or $168,000 a year.

A priceless or overpriced property?

Bellevue's Staying Up Late says PI

In a Seattle PI article on Saturday, the focus was on Downtown Bellevue and it's quickly growing nightlife scene! This is nothing new for residents who live in the area, but the word is just starting to spread to those who live outside of Bellevue.

Recently new venues such as Vertigo Lounge & Grill and Lucky Strike Lanes, which are both open until 2am have given Downtown Bellevue a boost of people staying out later. Kemper Freeman Jr. talks about how previously "jokes flew about Bellevue rolling up the sidewalks at 5 p.m." have now come to a stop.

One of the main reasons that the nightlife scene is beginning to take flight is due to the 35,000 downtown workers, which is projected to increase to 63,000 in 2020. In addition to the downtown workers, the downtown residents are also projected to increase from 5,000 to 14,000 in the same time frame.

The majority of the article explains to Seattleites that something meaningful is happening on the Eastside. This hasn't been something easy for those uninvolved with Bellevue to digest. Just take a look at the comments section. The majority of this Seattle-dominated reader base, takes stabs at Bellevue's "snobbery" and "lack of culture." Also, the higher than average bowling prices at Lucky Strike Lanes seem to be a very enjoyable discussion for many to take part in. Having visited Lucky Strike more times than I have fingers, I can say with certainty, they have priced the bowling appropriately. The sometimes more than two hour wait to bowl proves that there is a strong market of consumers who are willing to pay these Lucky Strike prices.

We in Bellevue might be "snobs" and not have any "culture," but I challenge those Seattleites to have some class when it comes to talking about Bellevue; instead of just sitting on the outside and making comments, come check out what is happening in Downtown Bellevue. Let the good times roll!

Retail Roundup

First Sign up for Avalon Meydenbauer Retail
If you've been looking around this week when your on Bellevue Way, you would've noticed the first permanent sign is up at Avalon Meydenbauer for Desert Sun Tanning Salons. They will open up at the location in two weeks. So, for those looking for a great fake-in-bake in the core of Downtown Bellevue, wait no longer; they take care of you (especially to those of you who will live at Avalon Meydenbauer Apartments, your discount is 50% off!).


Bellevue Square - Victoria Secret Moved for Remodeling
Many men this last week while shopping for Valentine's day might've realized this already, but Victoria Secret has moved to a temporary location on the first floor next to Tiffany's.

Large "Entertainment Retail" space still available at Lincoln Square

As the Downtown core of Bellevue continues to flourish, so too does Kemper Development’s Bellevue Collection portfolio. As a high-end mixed use development you would be hard pressed to find a better environment as a consumer.

With the recent emergence of Luck Strike Lanes joining the likes of The Parlor, McCormick & Schmick’s, Lincoln Square Cinemas and many others, one large vacancy remains.

The vacancy is contiguous to Lucky Strike and adjacent to the sky bridge connecting to Bellevue Place. On the 2nd floor, the 29,415 square foot space, unoccupied nor leased is currently priced at $35 per square foot on an annual basis. As the most prime retail availability in the city it will be exciting to see which retailer will land there, hopefully enhancing the emerging nightlife scene in Bellevue.

Bravern Announces Restaurant: John Howie Steak

The Bravern announced today that the owner and head chef of Seastar Restaurant, John Howie, will open a new concept steakhouse at The Bravern. The restaurant will span 9,000 square feet and will be located on the ground level facing 112th NE.

This will be the first Puget Sound Chef-owned steakhouse, offering a variety of steaks, chops, fresh seasonal seafood, poultry, vegetables, and cheeses.

John Howie Steak adds to the list of Neiman Marcus, Jimmy Choo Shoes, and Wild Ginger as publicly announced tenants who've signed at The Bravern (just under 40 more to go).

The newly announced restaurant will not be the only new steakhouse in town. El Gaucho, which was recently announced, will be located only a few blocks away over at City Center Plaza.

The Shops at The Bravern are scheduled for completion in 2009 and include 305,000 square feet of retail and restaurant space.

Police Officer Struck by Car Friday Night

A Bellevue police officer, while directing traffic Friday night at the scene of a car fire, was hit and thrown over the hood of a 2008 Audi. The 75 year old driver is cooperating with police, and the accident did not seem to be alcohol or drug related.

NE 4th Street, at the intersection of 111th Ave NE, was closed for a good majority of the night on Friday due to the activity. The police officer after surgery, is reported to have suffered a broken leg and femur.

See video footage courtesy of Travis.

Ask Lea: Valentine's Day Dinner

Dear Lea,

Do you recommend any restaurants in Downtown Bellevue to have dinner at on Valentine's Day?

-Hopeless and Hungry

Dear Hopeless and Hungry,

Here are some fun suggestions to enjoy on Thursday night on that special day:

Andiamo: $48 Pre-set Valentine's Special Menu

0/8 Seafood Grill and Twisted Cork Wine Bar: Rose, Live Music, Hyatt Hotel Specials

The Melting Pot: Romantic Cheese or Chocolate Fondue

Vertigo Lounge and Grill: Pre-set Valentine's Day Menu

Bis on Main: Special Valentine's Day Menu

I hope this helps...If your dinner is a delight, be sure to tell me all about it!

Filling your hunger with hope, Lea

Bellevue Square Store Closures

The long time tenant of Bellevue Square, Timberland, is closing it's doors February 25th for good. Signs are up, and they are having a clearance special of 40% off. Another victim of high rent or the poor economy?

Williams-Sonoma and The Pottery Barn will temporary close their doors for a remodel/extension of their store. As reported before, Bellevue Square is extending the space of Banana Republic, Williams-Sonoma, and The Pottery Barn retail locations. These new and improved stores will re-open in mid February.

Ask Lea: What to buy for Valentine's Day

I've received a few questions from you about what to get your sweetie for Valentine's Day. It's not good enough to buy the musical bear from the drug store or $4.99 box of chocolates, especially if you live, work, or shop in the Downtown Bellevue area! I've compiled a list of the the top 5 Valentine's Day gifts for him and for her that you can purchase right in your own backyard:

FOR HIM

• iPod Nano or Shuffle in Red - Apple Store at Bellevue Square: 4gb Nano ($149), 1gb Shuffle ($79)
  
• Jack Spade Messenger Bag in Red - Marqsmen at Bellevue Square: currently 25% off ($99 - $139)
  
• The Power Tie - RAG Men's Style at Bellevue Place: 100% silk hand stitched ties by Duncan Quinn($124)
  
• Tumi Slim Single Billfold Wallet - TUMI at Bellevue Square: crafted from Tumi's Signature ballistic nylon fabric ($68)
  
• Tiffany Metropolis Cuff Links - Tiffany & Co. at Bellevue Square: set of 2 ($195)

FOR HER

• G Hearts Collection Chocolate - Godiva at Bellevue Square: exclusive to Bellevue Square, 15 pieces ($50)
  
• Curly Teddy - Build-A-Bear at Bellevue Square: dress him as you please (starting at $16)
  
• "Be Together" Spa Package - Gene Juarez at The Galleria: 2 chocolate infused Tranquility Massages ($220)
  
• Flowerbomb 1.7 oz. Perfume Gift Set - Nordstrom at Bellevue Square: includes fragrance and travel set of lotion, shower gel, and body cream in a pink mini locker ($95)
  
• Tiffany "Love Heart" Lock Charm - Tiffany & Co. at Bellevue Square: charm for bracelet, necklace, or key chain ($125)

Happy Shopping, and Happy Valentines Day!!! Don't forget to e-mail me your questions to lea@downtownbellevue.com. I'd love to hear from you!

Downtown to Expand

It was reported on Wednesday in the The Seattle Times that Auto Row on 116th was given approval by The Bellevue City Council on Monday to increase the height limits up to 75 feet in some cases.

Due to the heavy growth in the Downtown Bellevue core, it is inevitable that the surrounding areas will grow as well, if not become considered, "Downtown" too.

According to the article, the city plans to extend NE 4th St from 116th (see image). Also planned is a 36-acre "retail village" which will sit along 120th Ave, similar to how University Village is laid out. The "village" would go from Best Buy to NE 8th St, bringing apartments or condos and businesses such as drug and grocery stores to local residents.

This revamp of Auto Row could really add a much needed revitalization right outside of the Downtown core, which in turn could create an extension to Downtown.

Epicenter Fitness Center abruptly closes

Epicenter, the workout facility at Bellevue Place, effective February 1st, is no longer in business. According to Merle Gregg, president of Epicenter Fitness, "LA Fitness has agreed to honor all active current member, prepaid members, and prepaid personal training sessions."

This came as a complete shock to some members as the closing was not messaged to customers before January 31st. Most learned the painful way of showing up to workout, and the doors were closed to the facility. It was also noted by some customers that Epicenter was still actively selling new memberships in their last week.

This leaves a limited number of workout facilities in the Downtown Area, with the main gyms of 24 Hour Fitness, LA Fitness, and the Bellevue Club.

Microsoft & Yahoo Potential Merger to Effect Local Economy?

Many in the national media have speculated the likelihood of a potential buyout of Yahoo! by Microsoft. The open letter to Yahoo!, from Microsoft's Steve Ballmer, states they are willing to purchase Yahoo! for $44.6 Billion.

In a Google dominated Web world, Microsoft attempts to quickly gain market share and hopefully momentum in online marketing with the buyout.

Both Yahoo! and Microsoft have very similar online programs, which would likely mean a lot of overlap within the two companies. Surely there would eventually be a restructuring, which is a nice way of alluding to layoffs at most companies.

Lets not kid ourselves here, lots of the financial success of individuals on the Eastside in one way or another has benefited from Microsoft being a local company. Recently we have seen Yahoo! gain a presence in Downtown Bellevue, which is anticipated to grow. Microsoft in the last year has moved their North America Sales into the Lincoln Square office building in Downtown Bellevue, and additionally has planned to fully occupy all of The Bravern's office space when complete.

California based Yahoo! would most likely have the majority of the "restructuring" on their end to fit into Microsoft, but still it begs the question if any layoffs or stunting of potential growth on the Eastside would be effected.

Sign Up for Downtown Bellevue Network Email!

We have added a new way to keep updated with the latest Downtown Bellevue happenings! Our new email sign up, located in the top left corner, will allow you to keep up to date with Downtown Bellevue's most current events.

In the following weeks we will implement a weekly email blast reviewing the weeks stories as well as listing upcoming events. Depending on what catagories you sign up for, you will also receive personalized content you request!

Sign up today!

Bellevue Bonds rated AAA by Wall Street!

For those who love to brag about our beautiful city, we now have one more thing to tout - we have great credit!

Both Standard and Poor's and Moody's have given the City of Bellevue the highest of marks on the city's general obligation bonds, AAA and Aa1, respectively. The marks are analogous to a credit rating for individuals or countries.

City Manager Steve Sarkozy said, "This is great news and yet another sign of our commitment to financial stewardship. It's especially gratifying given the fact that other cities have had difficulty maintaining their top bond ratings due to the uncertainty over the housing market and overall economy."

Jan Hawn, Bellevue's Finance Director, said the two ratings position the city well in the bond marketplace.

In the analysis Standard and Poor's noted the "vibrant and diverse" Puget Sound area economy and its above-average wealth and income levels. The survey also noted Bellevue's low unemployment rate - 3.6% in 2006 - and its position as a major retail trade center with per capita retail sales at 173% of the national average.

The bond rating also noted the city's robust downtown development. Just for information, "during 2007, 5.4 million square feet of office, retail, and multi-family units were under construction. In addition, there is roughly 7.6 million square feet of new development planned for the next few years."

Keep up the great work.