Thor Equities, a leader in urban real estate development, leasing and management, today announced the purchase of Bellevue Galleria in the heart of Washington’s central business district. The three-level, 204,000 square foot mixed-use property built in 1999 is 99 percent leased, with a tenant mix of destination retail, plus two restaurants, a coffee shop and a successful spa.
“Bellevue is a thriving business district that has seen rapid retail and residential growth over the past several years,” said Thor Equities CEO Joe Sitt. “We see enormous potential in this market and in this property in particular. We look forward to making the Galleria the area’s premier shopping and dining destination.”
In addition to the retail tenants, which include Men’s Wearhouse; Rock Bottom Restaurant & Brewery; LA Fitness; and high-end day spa and salon Gene Juarez, the Bellevue Galleria also features a 834-stall parking garage and 85,000 square feet of office space occupied by a single tenant, Bungie.
The purchase of Bellevue Galleria is just one of several high profile acquisitions Thor has recently, including Burlington Arcade in London, the former Takashimaya Building at 693 Fifth Avenue in New York City, the Phelan Building in San Francisco and the Palmer House in Chicago.
Thor will be soliciting joint venture partners on the project, as well.
“This is such a key purchase for us,” Sitt continue. “Since it is situated in one of the country’s fastest growing Central Business Districts, this property not only expands our geographic reach, but bolsters our economic strength. This is a win-win for us and any potential partners we take on.”
Bellevue is the second largest city in Washington after Seattle. In 2008, CNNMoney named it the country’s number one place to live and launch a business.
I’m sure there is a lot of upside to that building with proper management. It’s hard for me to believe that the previous management made a lease deal with Sky Ultra Lounge with no parking provision … not very smart by either side.
http://www.facebook.com/skyultralounge
hahah this sale hasn’t gone thru! i bet it has something to do with the parking!
The Galleria is for sale again! And apparently has a new manager according to loopnet. I smell something fishy going on here. These Thor people are lucky they backed out of this sale! So not worth it. The galleria will never be bellevue’s premier shopping and dining area!!! are you kidding me?? rock bottom and tap house??? Gross!