A planned luxury mixed-use property could soon become an 11-story office building, after the project site was acquired by Capital Partners. The property, located at 305 108th Avenue NE in Bellevue, was sold by real estate investment trust Fana Group of Companies for $32.5 million, according to King County Public Records.
Capital Partners, a Boston-based banking investment firm acquired the property after recently submitting a pre-development application for the project site to the City of Bellevue. According to the plans, the company would build a 224,000 square foot office building at the site.
Previously, project plans at the site called for a mixed-use building called Fana 305. The building would total 33 stories and encompass a hotel, restaurant and a variety of studio, one-, two- and three-bedroom residential units. In total, the completed building would be 381,500 square feet.
“The newest tower to mark Bellevue’s growing skyline, Fana 305 is an exciting new mixed-use development that integrates retail and residential uses all in one project. The proposed design is a slender tower with a sleek profile and its inclusive mix of uses represents the many goals envisioned by Bellevue’s Downtown Livability Initiative,” Via, a Seattle-based architecture firm charged with the design of the initial project, stated on its website.
The site was the former home to a two-story office building. According to public records, the building was built in 1979 and totals 32,628 square foot. Previously, Compass Real Estate, a nationwide brokerage firm, occupied the site.
The project site is located in downtown Bellevue, near a variety of restaurant and retail uses. The area is also home to many commercial office buildings including One Bellevue Center, Centre 425, Bellevue Corporate Plaza and Amazon Everest.
In general, the Puget Sound has seen quite a bit of new office space being developed. According to a second quarter office market report from Cushman & Wakefield, approximately 3.3 million square feet is currently under development in the region with only 537,000 square feet available. Of the available space, the brokerage firm reported approximately 92.6 percent is located in the Bellevue Central Business District. An additional 3.8 million square feet of office is also being planned for Bellevue.
