Vulcan Real Estate Develops and Leases Four-Building Office Project in Bellevue, Washington

Stoel Rives represented Vulcan Real Estate in the development of two fully leased office projects in the downtown core of Bellevue, Washington. The buildings include more than two million square feet of office and retail space in one 42-story tower building and an additional full-block, three-tower project.

The projects began construction immediately before and during the pandemic, and tenants signed leases with terms of between 16 and 17 years to fully occupy the office space in both projects. Project financing included $1.3 billion in construction debt, which also closed during the pandemic.

A Stoel Rives team led by Joseph Delaney and including attorneys Emily Kelly, Adam Coady, and Kate Mathews and paralegal Tammy Mayer helped Vulcan Real Estate acquire the land, negotiate the leases, and obtain financing to build the four office towers.

Seattle-based Vulcan Real Estate directs all real estate investment activities for the Vale Group LLC, a Paul G. Allen company. Since 2000, Vulcan Real Estate has delivered $7.4 billion in assets in over 50 projects comprising more than 10 million square feet of commercial space and over 4,000 residential units. Additionally, its robust development pipeline consists of $2.8 billion of new commercial and multifamily projects in the Seattle and Eastside markets.

Vulcan is now leading development in downtown Bellevue, having delivered over 2 million square feet of office and retail with more than 500 residential units under construction and in planning.