By Kate Snyder
More than half of the space in an office tower still under construction in downtown Bellevue could be leased to a single company. The Pokemon Company International, a subsidiary of The Pokemon Company based in Japan, is eyeing the possibility of taking more than 300,000 square feet in The Eight, a 25-story tower, according to a report from the Puget Sound Business Journal. An official lease has not been finalized yet.
Located at the intersection of Northeast 8th Street and 108th Avenue Northeast, The Eight is a 540,000 square foot office tower featuring 10,000 square feet of retail including a 1,000 square foot standalone pavilion, according to the developer Skanska’s website. Skanska announced the project in 2020 and began construction on the structure in 2021.
Skanska is a construction and development company that serves a broad range of clients including those in transportation, power, industrial, water/wastewater, healthcare, education, sports, data centers, government, aviation and commercial, according to the firm’s website. The Eight represents Skanska’s sixth development project in the Puget Sound region and its second project in Bellevue since it began development operations in 2011. Skanska purchased the land for The Eight in July 2018.
Leasing in Bellevue’s commercial market has been seeing an increase of activity in recent months.
According to the latest Broderick Group Eastside Office Market Review for Q3 2023, the third quarter of 2023 marked a turning point for Bellevue’s commercial real estate market, with several notable leases signed, hinting at a promising year-end surge. The activity, including renewals and expansions, showcases the resilience and growth potential of the city’s office leasing sector. Among the most significant transactions in Q3 2023 that were centered in downtown Bellevue were Bytedance subleasing 66,000 square feet from SAP/Concur at Key Center and extending its lease through 2025, Warner Brothers Discovery securing 47,398 square feet of space at Civica Office Commons and Regus renewing 46,338 square feet of space in the Bellevue Technology Center.
Other notable leases included Allegro Pediatrics, which renewed 18,823 square feet at Park 140 in the 520 corridor, Kidder Mathews’ renewal at City Center Bellevue in the city’s Central Business District for 16,203 square feet and Zymeworks’ 11,050 square foot sublease at Symmetry Center also in Bellevue’s Central Business District.