Home Commercial Clise Properties Buys 36,772 SQFT Office Building in Bellevue for $29.5MM

Clise Properties Buys 36,772 SQFT Office Building in Bellevue for $29.5MM

Clise Properties, Inc., Seattle, Bellevue, King County, Blazing Bagels, Main Street Pilates

By Kate Snyder

In Bellevue, a steady stream of residential and commercial development has kept the city busy. One of the latest deals is from the purchase of an office building located in downtown Bellevue, Wash., for $29.5 million, or approximately $802 per square foot, according to King County property records.

The buyer was recorded as Clise Properties, Inc., a Seattle-based real estate and development company, and the seller was an entity affiliated with Frank E. Everett III, according to public records. The sale was recorded on Sept. 29.

The property, located at 10801 Main St. in Bellevue, was built in 1986, according to public records, and is a tenant-occupied commercial structure sitting on 1.14 acres. According to public records, the property includes two buildings at two stories.

Situated in the heart of downtown Bellevue, the site is surrounded by both residential and commercial properties, according to Google Maps, that includes single-family homes, apartment complexes, and local businesses such as Blazing Bagels and Main Street Pilates.

Any plans for the property from Clise are unclear, but given the age of the property, redevelopment could be on the table. Representatives from the company were not immediately available for comment.

The site is located across the street from a massive redevelopment project called Main Street Place, located at 103 110th Ave. NE, which is under review by city planning officials. The developers are Hines, a Houston-based international real estate firm, along with New York City-based Benenson Capital Partners and San Antonio, Tex.-based USAA Real Estate. In total, that project will include 2.4 million square feet – approximately half of which is slated for parking – roughly 960,000 square feet of office space and another approximately 100,000 square feet of retail space, according to planning documents. In addition, plans include 342 apartment units in the development proposal.

Clise Properties was founded in 1889 and for more than 132 years has been a part of Seattle’s growth and development, according to the firm’s website. Since its founding, the company has expanded its vision to include the greater Puget Sound region as well and currently has properties in Bothell, Federal Way, and Puyallup.

Other recent activity by Clise Properties includes the sale of two Seattle properties adjacent to Denny Park to BioMed Realty for approximately $126.8 million earlier this year, according to The Registry’s previous reporting.

Earlier this year in Bellevue, Beam Reach Partners was announced as the developer of KANON, a proposed 740,000-square-foot two-tower office structure located steps away from the city’s newest downtown light rail stop, according to previous reporting from The Registry. There are also plans in the works from Bellevue-based Wallace Properties to transform the Bellevue North Shopping Center, located at 1000 Bellevue Way NE.