Office Needs to Keep Up With the Joneses
Bellevue office might be hot, but astute suburban office landlords know that’s no excuse to be lax in competing for tenants. Buildings have to keep improving. KBS SVP Mark Brecheen tells us that that’s the case for KBS’ 240k SF Ridgewood Corporate Square in Bellevue, which recently inked 30k SF in new leases, bringing it up to 98% leased. The property, he says, benefits from ongoing improvements, such as renovated common areas. Other planned improvements include an on-site deli in one of the buildings. (What’s that Napoleon said? An office building fights for tenants on its stomach.)
Nuclear energy tech company TerraPower took almost 23k SF in the larger of the two leases, with CBRE’s Scott Davis repping KBS and CBRE’s Pete Holloman repping TerraPower. Also, Union Community Partners took 7,000 SF. Scott repped KBS in that deal, too, while CBRE’s David Miller repped the tenant. California-based KBS is no stranger to metro Seattle. It also owns the 326k SF Bellevue Technology Center and the 490k SF Plaza Buildings in Bellevue, and the 205k SF North Creek Parkway Center in Bothell.
