A prominent downtown Bellevue office building has been listed for sale as activity in the Eastside office sector shows signs of improvement. Bellevue Plaza East, a nine-story, 158,000-square-foot office building at 11100 NE Eighth St., has been listed for sale.
The property is owned by CLPF Bellevue Office LLC, with the offering managed by Clarion Partners. The building is currently 86% leased, housing major tenants including Apptio and Charles Schwab.
Over the past six years, the owners have invested more than $11 million in capital improvements, about $71 per square foot, covering both base building upgrades and cosmetic renovations. These enhancements include a redesigned lobby, a new fitness center, and upgraded outdoor plaza space.
The building’s eight tenants have an average remaining lease term of approximately five years, providing stability for potential buyers.
Constructed in 1987, Bellevue Plaza East is Platinum-LEED certified and offers 325 parking stalls, on-site fitness facilities, bike storage, and modern tenant amenities. Its location near Interstate 405 provides easy access and is within walking distance of the future Downtown Bellevue light rail station, the Bellevue Transit Center, and nearby retail, dining, and residential developments.
The listing comes as the Eastside office market shows signs of recovery despite elevated vacancy. Overall office vacancy in the area remains near 24%, but recent quarters have seen the strongest net absorption in nearly two years, according to Colliers. Modest rent growth in Bellevue’s central business district further supports confidence in the submarket’s long-term outlook.
While the official asking price has not been disclosed, Bellevue Plaza East is currently appraised at approximately $60 million. The property last sold for $75 million in 2015 and was valued at nearly $80 million during the market peak in 2019.
