March 20, 2024

Columbia Pacific pulls plug on new Bellevue tower, puts empty old building on block

Photo via Broderick Group [enlarge]

Pictured a few years ago, the old building may yet escape demolition for a while longer.

Before the pandemic, there was a row of new Bellevue office towers planned on 112th Avenue Northeast, just west of Interstate 405 and close to two future light rail stations. Five different developers envisioned over 5 million square feet of office space, plus some retail and apartments.

Then came COVID-19 and work-from-home. And light rail still hasn't reached the Eastside. As of today, there's been some demolition on that strip, one land sale and a ground lease. But nothing's been built.

Among those plans was that of Columbia Pacific Advisors, which owns a squat little Brutalist building at 200 112th Ave. N.E. With Compton Design Office and Kendall/Heaton Associates, a shiny new 16-story replacement was planned on the corner of Northeast Second Street.

That plan has been quiet for the past two years, and the city of Bellevue now lists all the associated permits as being canceled. Developed in 1970, the existing 200 Building is now all or substantially empty. GLY Construction had been the main tenant, but moved to Eastgate in recent months.

And, this week, Broderick Group put the three-story 200 Building on the market, unpriced. It has about 50,531 square feet, plus surface and covered parking. The individual brokers are Tyler Slone, Eric Meussner and Paul Jerue. The corner totals over 1.5 acres, with zoning up to about 200 feet.

The listing states in part, “Excellent owner/user opportunity with incredible redevelopment upside. Office building redevelopment potential for over 390,000 square feet, or multifamily project over 375 units. Priced 40-50% below other Bellevue CBD development trades.”

Columbia Pacific acquired the property in 2007 for nearly $16.8 million. (It's now assessed at around $34 million.) GLY moved there in 2012. Its landlord said of the planned replacement, three years back, that GLY would be the builder. Newmark was then representing the proposed new office space.

No new building plans have been filed.