Reported yesterday by the Puget Sound Business Journal, the Bellevue Galleria has been purchased fromRT Realty Partners for $87.5M by Thor Equities. The 12 year-old, 204,000 square-foot shopping and office center is currently 99% leased.
Joe Sitt, Thor Equities’ CEO said, ‘We look forward to making the Galleria the area’s premier shopping and dining destination. Since it is situated in one of the country’s fastest growing central business districts, this property not only expands our geographic reach, but bolsters our economic strength. This is a win-win for us and any potential partners we take on.’
The Bellevue Galleria is currently home to Gene Juarez, Tap House Grill, Rock Bottom Brewery, Men’sWarehouse, and L.A. Fitness. Bungie, a video game development company most famous for the game Halo, occupies 85,000 square feet of office space too.
This is a pretty aggressive statement:
‘We look forward to making the Galleria the area’s premier shopping and dining destination.’
How can the possibly live up to this? I think they have some healthy competition in this area 😉
I knew that Bungie was from around here, but I did not realize that they were in the Galleria…
I beleive they(Bungie)took over the movie theater spot. Has anyone been to the Sky Ultralounge?
I’m also a little put off by their “premier shopping and dining destination” comment. Ever heard of Lincoln Square? Bellevue Square? Old Bellevue? Sheesh.
whats a CEO going to say??? we look forward to barely keeping up with the 800 pound gorilla across the street. I like the competitive nature.
The “CEO” could have said “…we look forward to being apart of the robust and growing Bellevue retail business district”. I’ve had a few beers and I was able to come up with that. Seems like an eternally odd spot to be. Does the video game co. use the old theatre as like a giant big screen? When did they stop showing movies in there? Kind of a weird spot, but there is potential. Remember Tower Records last stand there?
The only shopping in the galleria is some random furniture store. The new Sky Lounge has great food. Better then Rock Bottom or The Tap House.
Not sure why we are picking on some words from a CEO who just wanna make it sounds better…
What’s wrong with having more than one shopping destination?
Galleria should utilize the outdoor space more, it is not as fumy as Bellevue & Lincoln Square, and I’d love a chance to sit outside on a sunny day.
@Kevin, I hope that they can improve Galleria! It would be a win for everybody. Currently it does not have much shopping at all, and would need a transformation to be considered a premier shopping and dining destination.
I look forward to what the new ownership can bring!
If Bungie hadn’t moved in and taken a good chunk of what would otherwise be vacant retail the space in the Galleria, the place would be just about a ghost town by now. I don’t know how many people will remember the old Garage arcade that was there when the Galleria opened, closed after about eighteen months, and then sat vacant for nearly ten years after that. The movie theater and the Hooters lasted a few years longer, but eventually Lincoln Square did them in as well.
My impression from what I’ve heard is that they probably don’t expect the LA Fitness there to be around for too much longer, and I’d expect them to look for restaurants to fill that space up. I’d guess that Rock Bottom is probably sticking around though; I believe their lease came up for renewal last year and presumably got renewed.
This is all just speculation of course. The Galleria caught a big break with Bungie moving in, but even now, I think there’s still some potential here.
This sale never went through. What happened??? It’s for sale again!
http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=17535452
LADIES BE CAREFUL ONE OF THE SECURITY OFFICERS AT THE BELLEVUE GALLERIA WAS ACCUSED OF RAPE!
bellevue galleria needs to be torn down. this place is a pathetic heap of S&%T! Bungie is the only thing keeping that thing open. stuart rubin of rp realty partners rips people off with parking fees here if you cannot get validated! elevators and escalators always broken or out of order this place looks run down.