By Jon Peterson
New York City-based Tishman Speyer has placed under contract the BelleVista Place re-development project in Bellevue. The potential sales price on this transaction would be in the area of $155 million, according to multiple sources familiar with the sale. Tishman Speyer declined to comment at this time on this transaction, and the sale of the property has not closed at this time. The trade of the asset could happen sometime during the spring of this year, according to industry sources.
The current owner and seller of the property is Seattle-based PMF Investments. The listing agent on the sale is Newmark, whose efforts are led by Kevin Shannon, co-head of US Capital Markets for the company out of the firm’s Los Angeles office. Newmark did not respond to either an email or phone call seeking comment for this story.
The property, a five-acre site located at 100 112th Avenue Northeast, includes the Sheraton Bellevue hotel, which is now closed. PMF Investments had purchased the asset for $41.8 million in 2016, according to public records, and the seller has been taking the property through the entitlement process since its acquisition.
The potential plans for the property in the future include roughly one million square feet of office space, 145 multifamily residences and a nearly two-acre plaza. Industry sources have indicated that it will likely take four years to go through the entitlement process and to complete the project.
Seattle-based CollinsWoerman was the architecture firm designing the project, and Turner Construction was slated to build it, according to published reports by PMF. There is no indication this point if these firms will remain on the project going forward.
The project was tentatively schedule to break ground in early 2021, according to PMF.
Should the transaction on BelleVista be completed, it would represent a significant expansion by Tishman Speyer in the Seattle marketplace. According to the company’s website, its only other major asset that it owns in Seattle now is the 520 Pike Tower. This is a 29-story Class A office property totaling 396,821 square feet located at 520 Pike Street.