Elevate Outdoor Collective has leased a 70,100-square-foot office headquarters in Bellevue, a boon for the struggling Interstate 90 submarket.
The Seattle-based alliance of outdoor winter sports brands will move its hub to the three-story Eastgate Building at 3305 160th Avenue SE, the Puget Sound Business Journal reported, citing a Colliers report.
Terms of the deal with locally based Lake Washington Partners were not disclosed.
Lake Washington Partners President Jordan Lott said in a statement that the offices will be the long-term home to an “amazing tenant.” Lott didn’t name the firm, which he said would begin moving into the building over the next few months.
The Class A property, built in 1986, was revamped in 2001, according to Loopnet. The black-tinted glass offices were once occupied by Verizon, then T-Mobile.
Elevate Outdoor Collective is now based at 413 Pine Street in Seattle, according to its website.
Lake Washington Partners, founded by Lott in 2006, owns and operates 9 million square feet of offices nationwide, according to its website.
The deal is a boost for the Interstate 90 submarket, where office availability stands at 43 percent, a 23 percent increase since early last year, according to Colliers.
I-90 is by far the worst-performing submarket on the Eastside, according to the Business Journal. The submarket was once home to thousands of Microsoft, Boeing and T-Mobile employees.
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One bright spot was Costco Wholesale’s purchase last month of a 187,000-square-foot building it had been leasing near its new Issaquah headquarters for $61.8 million, or $330 per square foot. The seller was an affiliate of Beverly Hills-based Kennedy Wilson.
The move suggests Costco, the region’s eighth-largest occupier of office space, will continue to expand its corporate office footprint even after the addition of its new nine-story, 620,000-square-foot headquarters building, according to the Business Times.
As of August, the company had 1.2 million square feet of offices in the region.
— Dana Bartholomew