Schnitzer West said Monday it plans to break ground late next year on a 360,000-square-foot office building in downtown Bellevue, one of the region’s hottest office markets.
On Monday, the Seattle-based developer paid $12 million for a site at the northwest corner of 106th Avenue Northeast and Northeast Fourth Street in Bellevue. A stand-alone Bank of America branch is on the corner now.
The developer expects to obtain its permits for the 16-story tower in the latter half of next year, and complete it in 2016, said Pam Hirsch, senior investment director at Schnitzer West. Bank of America will have a branch in the tower, according to the developer.
Schnitzer West is one of several developers teeing up skyscraper construction plans in the hot downtown Bellevue market.
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The vacancy rate for Class A buildings in downtown Bellevue was 6.2 percent in the third quarter, compared with 12.4 percent in downtown Seattle, according to commercial real-estate brokerage Jones Lang LaSalle.
The developer has plenty of experience in Bellevue. It completed Civica Office Commons in 2001; Advanta Office Commons near the Interstate 90 corridor in 2007; and The Bravern in 2009.
Sanjay Bhatt: 206-464-3103 or email@example.com. On Twitter @sbhatt