Joint Venture to Deliver First New Generation, Highly Efficient Office Tower
BELLEVUE, WA – June 11, 2014 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, have broken ground on 929 Office Tower, a 19-story, 462,000 square foot Class A office tower in Bellevue, WA. The project will be ready for occupancy in December 2015.
“We are excited to be partnering with Trammell Crow Company on 929 Office Tower to expand our investment base in the Bellevue CBD where we have enjoyed recent and long term success,” said Jay Fisher, Assistant Managing Director of Principal Real Estate Investors and head of asset management and investments for the Pacific Northwest region. “This development is attractive because it will be the first new Class A building delivered into an expanding Eastside market and offers an abundance of tenant focused amenities including many first to market engineering advances.”
The 929 Office Tower is the first Class A office tower to be built under the new energy code in Bellevue, WA. The new building systems will lower operating expenses versus less responsive, older inventory and will create a more comfortable and productive workspace. It incorporates a broad range of sustainable design features and will achieve LEED Gold certification.
“Companies considering our building will find meaningful improvements in their work environment,” said Craig Dobbs, Principal of Trammell Crow Company’s Seattle Business Unit. “929 Office Tower is full of modern amenities including a welcoming and functional lobby with causal work areas to full featured meeting rooms, elite club level work out facilities and building control systems that enhance the work place experience.”
Located at 929 108th Avenue North, just north of the intersection of NE 8th and 108th Avenue NE, future tenants will enjoy excellent access to I-405 along NE 8th, to SR 520 via the new ramp at NE 10th and a two-block walk on grade to the Bellevue transit center and future light rail station. The project is surrounded by a wide array of restaurants, retail conveniences, hotels, apartments, condominiums, parks and Bellevue’s downtown library.
Tom Bohman, Senior Vice President, Pete Hollomon, Senior Vice President, and Lennon Atteberry, Associate with CBRE’s Bellevue office have been appointed to lease and market the project. LMN Architects will serve as lead architect and Lease Crutcher Lewis as general contractor.
About Principal Real Estate Investors Principal Real Estate Investors manages or subadvises $50.5 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 March 31, 2014, Trammell Crow Company had $5.0 billion of projects in process and $1.8 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 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 specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
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, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.