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November 12, 2019
Wright Runstad is about to jump north across Spring Boulevard. The planned Phase III of its 36-acre mixed-use Spring District project effectively began last month, with the signing of another lease agreement with Facebook.
The lease is for the planned Block 6 office building, which also just entered design review with the city of Bellevue. It’s addressed at 1646 123rd Ave. N.E., on the north side of Northeast Spring Boulevard, which is under construction.
Wright Runstad’s website confirms that Facebook has already leased Block 16 and Block 24, which are now under construction on the south side of Spring. Those two buildings will have about 515,000 square feet of offices (plus a little retail); Block 6 will add another 320,000 square feet or so.
All three buildings are designed by NBBJ. Turner Construction is building both Block 16, which is expected to open early next year, and Block 24, which could open in early 2021.
The Block 6 lease was signed in mid-October and recorded late that month. It’s for 15 years, with 12 years of subsequent renewal options. And there’s a right of first opportunity to buy the building if Wright Runstad opts to sell. The Block 16 and 24 leases have similar terms.
Broderick Group is Wright Runstad’s broker for all the office space; its third quarter Eastside report indicates that Block 6 could open in 2022. Wright Runstad already has its master use permit, also with NBBJ, for the whole project, so Block 6 design review won’t take that long.
In general, Phase I at the Spring District was the apartment component on its south end, at Northeast 12th Street. AMLI Residential and Security Properties have developed multiple buildings with almost 800 units. Retail and a child care center are also included.
North of that, Phase II includes Block 16, Block 24, REI’s headquarters (set to open next year), the GIX building (already open), the small creative office/brewpub building (soon), ancillary structures and park.
Ahead, Phase III could total around 1.5 million square feet of offices (including Block 6), along with apartments, a small retail/bike-parking pavilion, a hotel and more retail. (The exact mix and numbers are subject to change.)
The entire Spring District is thought to be a $2.3 billion project, with JPMorgan and Shorenstein Properties among its backers.
Brian Miller can be reached by email at email@example.com or by phone at (206) 219-6517.