The Rockefeller Group and Sterling Realty Organization Plan Major Development Project In Downtown Bellevue
— Companies Plan Phased Development of approximately 2.4 Million Square Feet of Commercial Property on 5.46-Acre Site Owned by Sterling Realty Organization
BELLEVUE, Wash. – Jan. 8, 2013 – The Rockefeller Group and Sterling Realty Organization (SRO) today announced an agreement to develop approximately 2.4 million square feet of commercial property on a 5.46-acre site in downtown Bellevue owned by SRO.
The agreement covers five adjacent parcels in the center of downtown Bellevue that can be developed in phases over a specified period of time to allow for demand-driven development. Plans for the site, located in the heart of Bellevue surrounded by top cultural and public amenities, initially call for the development of three office towers located above a podium that will include both retail shops and public areas. The site is bordered by NE 8th St. and 106th Avenue to the north and west, and by the Pedestrian Corridor and the Key Bank and Symetra Buildings to the south and east.
“We are delighted to have become partners with SRO on the planning and subsequent development of one of the premier sites centrally located in downtown Bellevue,” said Kevin R. Hackett, president and chief executive officer of The Rockefeller Group. “Bellevue has become a dynamic ‘24-7’ city – the type of vibrant urban environment on which our company has always focused when seeking office development and investment opportunities. We’re looking forward to collaborating with SRO and the community with the goal of further enhancing the evolution of downtown Bellevue.”
“We at SRO are happy to welcome Rockefeller to Bellevue,” said David Schooler, president of Sterling Realty Organization. “We have all been very impressed with the quality of Rockefeller personnel and, of course, with Rockefeller's track record. We believe they will be a very strong and long-lasting addition to downtown Bellevue.”
The development site is located within a one-block radius of Bellevue Square, City Hall, the Bellevue Arts Museum, Meydenbauer Center, and many of the city’s finest retail stores, restaurants and hotels.
In recent years, Bellevue has been among the strongest central business district office markets in the United States. The class-A office vacancy rate at the end of the fourth quarter 2012 was 7.4 percent according to CoStar Group Inc., well below the national class-A average of 13.6 percent.
Headquartered in Bellevue, SRO is a privately owned company with an extensive real estate portfolio in Washington, Colorado and Oregon. The company owns and manages more than 1 million square feet of leasable space. Among SRO’s major projects are Sterling Plaza I & II in Bellevue, Tacoma South Shopping Center in Tacoma, Wash., and Johnson Creek Shopping Center in Portland, Ore.
The Rockefeller Group, headquartered in New York City, was founded in 1928 with the development of Manhattan’s Rockefeller Center. Today the company is a leading global real estate owner, developer and investor, with an ownership interest in more than 7.0 million square feet of class-A office property in U.S. gateway markets including New York City, Washington, D.C. and San Francisco. Since 2009, the company has completed approximately 5.0 million square feet of new commercial development in major markets across the United States.