Schnitzer West closed on its acquisition of the Bel-Kirk Office Center located in Bellevue near the Kirkland boundary on Jan. 16, with plans for redesigning its two buildings in late spring.
“It’s been the greater part of 2014,” said Senior Investment Director Pam Hirsch of the acquisition. “We forged a relationship with the family that owned the land.”
The two-story buildings were constructed by the Koll Company in 1988 and total 92,581 square feet of office space. Schnitzer West has entered into a 60-year land lease with representatives of the testamentary trust of Selom F. Burns with an option for two 15-year extensions.
Hirsch said the office center will be updated, with a more pronounced entryway, new signage, water feature and work spaces in the lobby and plaza.
“Our version of the word ‘boutique’ is just creating those smaller amenity spaces that rival a larger project,” she said. “Work areas you can actually use and function in.”
The Bel-Kirk Office Center is 95 percent leased, but only 56 percent occupied, Hirsch said, with Bank of America being the largest tenant not occupying space. Jones Lang LaSalle will be the listing team for the office center, she said, with expectations some tenants will not renew their leases in the future.
“I’m sure at some point there will be some rollover,” Hirsch said.
JPC Architects in Bellevue is handling renovation designs and Pennon Construction in Seattle will complete the work, likely starting in late spring.