Paul Allen’s real estate company buys popular Bellevue Plaza
May 11, 2016, 2:40 PM | Updated: 2:42 pm
Vulcan Real Estate purchased Bellevue Plaza recently. (City of Bellevue)
(City of Bellevue)
Bellevue Plaza sold for a cool $45 million recently.
Vulcan Real Estate, a company owned by Microsoft co-founder Paul Allen, purchased the plaza at 117 106th Ave. NE.
The 3.44-acre property includes a 60,000-square-foot retail complex. The plaza is about 75 percent leased with tenants like Hot Yoga, Pogacha and Jimmy John’s.
鈥淏ellevue is a major economic driver in the region, and is home to a growing number of residents and companies,鈥� said Ada M. Healey, vice president of real estate at Vulcan Inc. 鈥淥ur purchase of Bellevue Plaza aligns with our focus on expanding our Pacific Northwest portfolio with value add investments and urban infill projects.鈥�
The plaza sits along Main Street between 106th and 105th Avenues in downtown Bellevue.
There are no immediate plans to redevelop the plaza. However, Vulcan’s plans include creating a long-term vision for the site, which “likely” include new residential and retail.
The purchase of the plaza follows other activity by the firm recently. That includes the announcement that Vulcan will develop new buildings for Google in South Lake Union.
In March, Vulcan announced it was working with Google to design four new office buildings. The buildings will be ecofriendly and include open space along Mercer Street between Terry and Fairview avenues.
