July 28, 2021 12:00 PM
Newmark Knight Frank (“Newmark”) announces it has arranged the $32.5 million sale of a 34,335-square-foot development site, known as ParqHouse Bellevue in Bellevue, Washington.
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 to buyers, PGIM (Prudential) and Capstone Partners.
“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.”
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 proposed development plan originally included 274 luxury residential units, 6,600 square feet 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.
O’Keefe added, “The ParqHouse site offers an easy access to the I-405 Freeway 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.”
According to Newmark Research, development is booming in the Puget Sound as the market ranks second in the country with 9.1 million square feet 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%.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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