At Juniper Capital, we aim to keep you informed about recent real estate developments and relevant news impacting Seattle and the Pacific Northwest. As Northwest private money lenders, we specialize in commercial real estate loans, land development loans, and more. Contact us today for more information about market trends, a current market valuation of your specific development, or any questions you may have about the real estate loan process.
Amazon made big headlines recently with its $195 million purchase of Bellevue Corporate Plaza. The previous owner planned to build two new buildings on the site: a 34-story, 800,000-square-foot, office tower and a 41-story, 500-room hotel. Zoning would allow building heights up to 600 feet.
Amazon will likely add on to the existing tower to max out its height allowance and build an additional tower or two with 40 or more stories each. Amazon started to make moves back to its birthplace in 2017 and currently has 700 employees in Bellevue with another 1,000 expected to move there this month.
With speculation circulating that the company will lease the planned 17-story Summit II tower on top of leases in place for nearly 1 million square feet of office space in other existing or planned Bellevue buildings, Amazon is on track to have more than 25,000 employees in Bellevue. This number would rival the employees planned for the northern Virginia headquarters.
It seems that over the next several years, downtown Bellevue’s skyline will transform in a boom echoing what took place in South Lake Union. We anticipate that with 25,000 employees added to the Bellevue area, the tech sector and housing supply will continue their upward trend.
Thank you to Puget Sound Business Journal and Marc Stiles for the commercial real estate report with the info above. Our goal at Juniper is to help you achieve quality real estate investments in Seattle, Montana, Colorado, Utah, and other markets. If you would like more information on this topic, it’s implications, or the market in general, call us today.