305 Office Building in Bellevue
Aerial View of 305 Office Building on 108th Avenue Northeast. Rendering: Capstone Partners

An application for Design Review approval was recently submitted to the City of Bellevue by Capstone Partners for a 12-story office tower. The tower will be located at 305 108th Avenue Northeast. Capstone Partners submitted a predevelopment services application in July 2021.

The office building will be about 194,700 square feet, with 354 below-grade parking spaces, as well as other site improvements. The project, “305 Office Tower”, will be replacing the current two-story building that has been there since 1979. The building will be 187 feet above 108th Avenue Northeast.

Original plans for the property included a condominium tower known as “ParqHouse”. It included luxury units, retail, and parking. The condo project was 34-stories and had received Design Review approval.

Fana Group sold the property to PGIM and Capstone Partners for $32.5 million. Newmark’s Co-Head of Capital Markets Kevin Shannon and Executive Managing Director Ken White, along with Executive Managing Director Tim O’Keefe, represented the seller.

According to Kevin Shannon, Newmark’s Co-Head of Capital Markets, “Bellevue is one of the very few office markets nationally where the demand drivers are clearly positive post-pandemic,” commented Shannon. “Big tech is the primary engine driving the submarket for office demand and the timing for new spec office construction is justifiable in this popular submarket.”

305 Office Building in Bellevue
View from Across 108th Avenue Northeast, Rendering: Capstone Partners
305 Office Building in Bellevue
View from the West, 305 Office Building, Rendering: Capstone Partners
305 Office Building in Bellevue
View of the Public Plaza at 305 Office Building, Rendering: Capstone Partners
305 Office Building in Bellevue
View from the Northeast Across from 108th Avenue Northeast, Rendering: Capstone Partners

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