WHAT ARE THEY BUILDING?

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)...

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.

“Bellevue is a major economic driver in the region, and is home to a growing number of residents and companies,” said Ada M. Healey, vice president of real estate at Vulcan Inc. “Our purchase of Bellevue Plaza aligns with our focus on expanding our Pacific Northwest portfolio with value add investments and urban infill projects.”

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.

What are they building?

Showbox...

MyNorthwest Staff

Showbox supporters mounting opposition to demolition proposal

Seattle's Showbox concert venue is slated to be torn down to make way for a 44-story tower with apartments, retail, and parking. The venue has hosted a range of legendary music acts.

6 years ago

Follow @http://twitter.com/Mynorthwest...

MyNorthwest Staff

City documents reveal Ballard is getting a Target

You could argue Ballard's character has been quickly declining as massive apartment buildings and town homes replace single-family homes and locally-owned businesses.

6 years ago

Sound Transit, mass transit ridership, affordable housing, light rail...

MyNorthwest Staff

Hundreds of affordable housing units slated for Seattle light rail stations

Sound Transit announced three affordable housing projects around Seattle light rail stations at a time when affordable housing is rare in the city.

6 years ago

secondary cities, seattle sustainability...

MyNorthwest Staff

Seattle’s Uptown neighborhood is growing up

Seattle's Uptown is the next neighborhood targeted to allow taller buildings with the aim of creating more affordable housing.

7 years ago

Alaska Airlines, Sitka...

MyNorthwest Staff

Alaska Airlines could soon be flying out of Everett

Alaska Airlines could soon fly commercially out of Paine Field in Everett if everything comes together.

7 years ago

KIRO Newsradio Newsdesk

Undeveloped land worth millions up for sale in Seattle

Just what will happen now that an undeveloped 17.8-acre plot of land is for sale in Seattle's hot housing market?

7 years ago

Paul Allen’s real estate company buys popular Bellevue Plaza