The building that houses Windermere Real Estate’s Bellevue West office has just sold for $18 million or about $550 per square foot, according to public records. Heritage Main Street LLC, an affiliate of BDR Capital Partners, sold the building to BML Development Corporation.
The 37-year-old structure, located at 11100 Main St. in Bellevue, is a two-story, 32,709 square foot office building. Heritage originally acquired the building in July of 2007 when it paid $5,810,000 for the office development.
According to BDR Capital’s website, the group worked to revamp Windermere’s space in the building to include an interior remodel and upgrade.
BDR Capital Partners has a number of single family homes in the region but also works as a project manager and general contractor to owners of small and medium sized commercial buildings that range in size from 10,000 square feet to 50,000 square feet. BDR works with owners to build new buildings and also manage the building process for tenant improvements. The group recently completed a number of commercial projects in Bellevue, including the Windermere office. It also worked a full renovation of a 31,000 square foot building in Bellevue, a new construction of a 50,000 square foot building and the Paul Gauguin Cruises Headquarters. The company’s other office projects have been at The Landing in Renton, where it worked with owners on a number of tenant improvement projects for individual buildings.
A 2017 Q1 office report from Colliers International shows the Seattle and Puget Sound office market is off to a strong start. “The Puget Sound market enjoyed the 28th straight quarter of positive absorption with 837,076 square feet, slightly up from Q1 2016 when the region saw 812,097 square feet,” stated the report. The Eastside is currently sitting at a vacancy rate of 5.7 percent, which is 1.5 percent lower than Q4 2016. Additionally, 2.9 million square feet is set to deliver in Seattle and Bellevue in 2017 and 55 percent of that space has already been preleased. Projects that are under construction on the Eastside are 58 percent leased.
