{"id":1004114935,"date":"2015-03-06T06:18:45","date_gmt":"2015-03-06T14:18:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004114935"},"modified":"2022-12-08T11:15:07","modified_gmt":"2022-12-08T19:15:07","slug":"hines-global-grabs-bellevue-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-global-grabs-bellevue-office-portfolio\/","title":{"rendered":"Hines Global Grabs Bellevue Office Portfolio"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/SUMMIT.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004114938\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-global-grabs-bellevue-office-portfolio\/summit\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/SUMMIT.jpg\" data-orig-size=\"336,394\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;Keith Brofsky&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1423753904&quot;,&quot;copyright&quot;:&quot;\\u00a9 2015 Keith Brofsky All Rights Reserved&quot;,&quot;focal_length&quot;:&quot;150&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.01&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"SUMMIT\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/SUMMIT.jpg?w=336\" class=\"alignright size-thumbnail wp-image-1004114938\" alt=\"SUMMIT\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/SUMMIT.jpg\" width=\"150\" height=\"150\" \/><\/a><\/i><\/p>\n<p>Hines Global REIT, Inc. has acquired The Summit, a portfolio of two Class A office towers (Summit I and Summit II) in Bellevue, Wash., from Ivanhoe Cambridge.<\/p>\n<p>The price of the transaction was not disclosed.<\/p>\n<p>\u201cWe have admired the Summit properties ever since the first tower was developed over 10 years ago,\u201d Ty Bennion, Hines\u2019 senior managing director, told <i>Commercial Property Executive<\/i>. \u201cThe combination of very efficient floorplates, which are paired with an expansive, modern lobby that give tenant employees a generous area to gather while overlooking one of the finest landscaped outdoor plazas in the City of Bellevue, make it one of the most attractive projects in the market.\u201d<\/p>\n<p>Combined, Summit I and Summit II totals 524,130 square feet and also includes a 43,413-square-foot development site (Summit III) that is fully entitled for 330,409 square feet of additional office space.\u00a0Hines will be marketing the Summit III development opportunity for pre-lease.<\/p>\n<p>\u201cAssets of this quality and scale, in a market as strong as Downtown Bellevue don\u2019t come available very often,\u201d Bennion said. \u201cIvanhoe Cambridge has owned these properties continuously since they began development over a decade-and-a-half ago.\u00a0We see this as a once-in-a-generation opportunity to own two core office towers along with a development opportunity on one of Bellevue\u2019s most desirable intersections.\u201d<\/p>\n<p>This was Hines\u2019 second major office transaction in Bellevue in the past few weeks, following its <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/seattle\/hines-acquires-large-office-asset-in-high-performing-bellevue\/1004114163.html\">$205.1 million acquisition of the neighboring Civica Office Commons<\/a> in late February.<\/p>\n<p>The latest CBRE office market report shows that at the end of fourth quarter 2014, the Bellevue CBD was the best-performing office market in the greater Seattle area, based on total gross asking lease rates for Class A space.<\/p>\n<p>According to Bennion, the Summit building location in the heart of Downtown Bellevue enjoys fantastic access on the intersection of 108th Avenue, Bellevue\u2019s pre-imminent business address, and NE 4th Street, with the best access to I-405, along with being only one block from Bellevue\u2019s transit center and the soon-to-be-construction light rail station.<\/p>\n<p>In addition, the buildings feature easy access to all of the dining, shopping and other amenities that downtown Bellevue has to offer.<\/p>\n<p>The property is currently 94.7 percent leased to 11 tenants, including New York Life Insurance, Perkins Coie, Puget Sound Energy, and Sterling Savings Bank.<\/p>\n<p>Hines will manage The Summit on behalf of Hines Global REIT, Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hines Global REIT is continuing its expansion in the greater Seattle area&#8217;s prominent real estate market with a second acquisition.<\/p>\n","protected":false},"author":451,"featured_media":1004114938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,15],"tags":[],"class_list":["post-1004114935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hines Global Grabs Bellevue Office Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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