PGIM, Capstone Partners Purchase Office Development Site in Bellevue for $32.5M

BELLEVUE, WASH. — PGIM and Capstone Partners have acquired ParqHouse Bellevue, a 34,335-square-foot development site located at 305 108th Ave. NE in Bellevue. Fana Group sold the asset for $32.5 million.

ParqHouse Bellevue is situated adjacent to major parks, restaurants and amenities in downtown Bellevue. Originally slated for a residential development, the new owners plan to build on office project at the site instead of the proposed residential units. The original proposal included 274 residential units, 6,600 square feet of retail space and 337 parking stalls.

Kevin Shannon, Ken White and Tim O’Keefe of Newmark represented the seller in the deal.