TCC And Principal Real Estate Advisors Acquire Site in Downtown Bellevue

Project Could Include up to 462,000 Square Feet of Office Space

SEATTLE, WA – October 2, 2013 Trammell Crow Company, one of the nation’s leading developers and investors in commercial real estate, and joint venture partner Principal Real Estate Investors, one of the largest institutional real estate managers in the United States, announce the purchase of a 1.53-acre land site along 108th  Avenue NE, in the core of the Bellevue Central Business District. Plans include a 462,000 square foot 19-story, Class A office building. Groundbreaking is scheduled for April 2014.

“One of our main goals is to acquire the best land sites in the best submarkets, and with this purchase, we have met that goal,” said Craig Dobbs, Senior Vice President with Trammell Crow Company’s Seattle Business Unit and lead on this investment. “The inventory of large, contiguous blocks of space is very limited and our new development is timed to meet the projected job growth.”

The building will feature a prominent two-story lobby and incorporate a broad range of tenant-focused amenities, along with street level retail fronting 108th  Avenue NE. Additionally, rectangular 24,300 square foot floor plates are designed for superior space planning efficiency and the building’s exterior curtain wall design will feature a combination of high performance glazing, vertical super mullions, pre-cast concrete elements and architectural metal accents. The project is being designed to achieve LEED® Gold Certification by the U.S. Green Building Council.

“We are excited to close on the land and to start another office development with Trammell Crow Company in the Bellevue market,” said Jay Fisher, Assistant Managing Director  –  Asset  Management  with  Principal  Real  Estate  Investors.  “As  the  supply continues to decrease in our other Bellevue investments and demand ramps up, the delivery of this building is well positioned. Our other buildings in the market have performed well over the years and this investment furthers our objective of investing in growing markets with a strong base of technology and traditional office users.”

The project is situated within the Washington Square superblock located in the core of the Bellevue Central Business District submarket adjacent to Seattle and one block from the Bellevue Transit Center, which provides direct access to the regional mass transit network. A range of high-end retail, luxury hotels and restaurants are located within proximity to the site. 

LMN Architects of Seattle, WA is the project architect and Lease Crutcher Lewis is the general contractor. The listing agents for leasing are Tom Bohman, Senior Vice President, Pete Hollomon, Senior Vice President, and Lennon Atteberry, Associate with CBRE’s Bellevue office.  

About Principal Real Estate Investors

Principal Real Estate Investors manages or subadvises $47.0 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.

About Trammell Crow Company

Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of June 30, 2013, Trammell Crow Company had over $4.7 billion of projects in process and $1.7 billion in its pipeline.

Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 15 major cities throughout the United States. The company serves users of and investors in, office, industrial, retail, healthcare, multi- family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.

Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). For more information visit www.TrammellCrow.com.