City Center Plaza in Downtown Bellevue has begun to sneak up upon completion. This half million square foot building according to the Puget Sound Business Journal in a recent write up, has only El Gaucho as a signed retail tenant.
Other buildings in the area such as, Tower 333 and The Bravern Office Commons, have almost 100% occupancy, including tenants such as Microsoft and Expedia.
Dex and Sharebuilder, which we reported to be rumored to move into City Center Plaza have either relocated elsewhere (Dex) or are looking at other possibilities in Seattle (Sharebuilder). It has also been rumored for a while now that Microsoft might want more office space in Bellevue, and that they could be a large potential tenant for the City Center building as well.
The City Center building is thought to have been holding out for larger tenants, but if any more time passes, they might have to start looking into signing many smaller businesses to the building.
Is this a sign that the commercial real estate market is coming to a slow in Bellevue, or is the vacancy just a result of a stubbornness to lease the building to smaller companies hoping that a large tenant will come along swooping up the whole building?
Photo referenced from PSBJ: Dan Schlatter
