More office space is getting snapped up in Bellevue. With a new lease for 70,123 square feet of space, Elevate Outdoor Collective is establishing a new location in the city, according to a recent first quarter 2024 Eastside Office market report from global brokerage firm Colliers. The space is in 3305 at I-90 Eastgate, which is owned by Lake Washington Partners.
Located at 3305 160th Ave SE, Eastgate is a 70,123 square foot Class-A office building located just off I-90 and minutes from downtown Bellevue. Newly remodeled in 2019, the property is adjacent to the Commons on 90 office complex.
“We are pleased to welcome a best-in-class tenant to our three-building, Class-A Commons 90 building in Bellevue,” Lake Washington Partners President Jordan Lott said in a released statement. “The 70,123-square-foot Eastgate building, which is one of the three buildings in Commons 90, was fully remodeled in 2019 and will now be the long-term home to another amazing tenant. This valued tenant has leased the entire building and will commence improvements over the next few months prior to move in. It is exciting to witness new investment in the greater Puget Sound region. The I-90 corridor has been hard hit with the commercial real estate slowdown, but we hope this new tenancy will be the start of a Class-A office recovery. We continue to be excited about growth in our home community. We attribute our success in attracting this tenant to the Eastgate building in Commons 90 to our creative ability to partner with tenants and brokers.”
Elevate Outdoor Collective is an alliance of outdoor and winter sports brands with a specialized focus on skiing, snowboarding and snowshoeing, according to the company’s website.
Based in Bellevue, Lake Washington Partners was founded in 2006 and is a family-owned commercial real estate investor and developer, focused on office and industrial properties. Lake Washington Partners owns and operates 23 properties spanning 10 million square feet in nine states. The company’s focus is on long-term portfolio investments and development projects across the United States.
In 2021, the firm purchased Corporate Campus East in Bellevue from Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson, a global real estate investment company, for approximately $62 million. The property is a three-building campus spanning 136,592 square feet. The property is situated on nine acres of land located at 3025 112th Ave. NE, 3055 112th Ave. NE and 3075 112th Ave. NE.
According to the Colliers report, the first quarter of 2024 saw a flurry of activity in the Eastside’s office market, but it was largely driven by consolidation Meta, Google and Amazon. These companies leased up 1.1 million square feet of new office space, all of it already pre-leased upon delivery. Additionally, vacancy in the I-90 Corridor skyrocketed from 18.7 percent to 42.1 percent since Q1 2023, a reflection of Microsoft’s continued scaling back from the area. However, a silver lining appears with Microsoft’s decision to maintain a LinkedIn presence in downtown Bellevue, alongside newcomers like TikTok parent ByteDance and UiPath.
