Creative Development Strategy Produces Opportunistic Office Development
Challenge
RidgePointe was originally marketed as a site for a small senior housing facility. However, given its proximity to Microsoft’s global headquarters, we determined the site’s highest and best use was development as Class A office.
- LocationBellevue, WA
- TypeOffice
- Size49,274 SF
- Investment strategyOpportunistic Development
- Acquisition dateJanuary 2002
Solution
We achieved maximum development capacity by capturing the air rights associated with an adjacent parking lot. This allowed the team to deliver a threestory Class A suburban office building with highly efficient rectangular floor plates, modern architectural detail, and striking interior finishes. In addition, the building featured a generous parking ratio in a secure parking garage and proximity to a full range of retail amenities, as well as to Microsoft’s main campus.
Results
The quality of the asset and amenities allowed our team to successfully lease the entire property at a time of very high vacancy in Seattle’s Eastside office market. We sold the building in December 2007, near the market peak, providing a favorable return to our investors.