Beam Reach Partners to Deliver 740,000 Square Foot Premier Office Development in Downtown Bellevue

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Newmark announces KANON, a 740,000 square foot twin-tower office development located steps from the newest downtown light rail stop,
in Bellevue, Washington. The project should start at the end of 2023 and end in mid-2026.

“We are delighted to present this carefully designed project which will be a unique offering to the market,” said John Lewis, co-founder of Beam Reach Partners. “With an abundance of green space and floor plates optimized for the post-COVID space needs of technology users, KANON will be an attractive option for traditional and technology tenants.”

KANON will include two towers, each rising 16 stories and totaling more than 740,000 square feet of technology office space. Beam Reach Partners agreed to lease the site to Wallace Properties and resubmitted to the city in lieu of Wallace Properties’ previous submission.

“We are grateful for the opportunity to build a relationship with Kevin and Bob [of Wallace Properties]. Their reputation speaks for itself, but getting to know them personally and working closely together to negotiate a deal has reinforced that they are the kind of people we enjoy working with,” said Sam Rabb, co- founder of Beam Reach Partners. “Our long-term ground lease was a good fit to maintain the Wallaces’ substantial presence in Bellevue – their home and a place very dear to them – while leveraging our commercial real estate expertise to design and deliver an ideal product for tenants, the town and residents of Bellevue and our investors We look forward to a long-term, collaborative relationship with Kevin, Bob and the town of Bellevue.

The Gensler-designed development will feature expansive decks and terraces with outdoor green spaces on each tenant floor, as well as several strategically located “superfloors” with oversized outdoor space and programming. The development will also include bike/pedestrian connection to nearby light rail, rooftop terraces, access to multi-modal trails along 114th, abundant parking, state-of-the-art bike rooms and secure lockers. and a 0.9 acre center. park – the largest outdoor green space of any office development project in downtown Bellevue. The Wi-Fi equipped park layout will include native landscaping, an amphitheater and a variety of outdoor work, social and dining areas. The project will aim for several certifications including LEED Platinum, Fitwel and Salmon Safe.

Rabb added: “Tenants’ wants and needs are changing in real time. We focus on delivering a project that meets and exceeds today’s work environment needs, ultimately creating a special and unique space where tenants and their employees are excited to work.

Located immediately off Interstate 405 at the southeast corner of NE 112th Avenue and NE 4th Street, KANON’s proximity to the Downtown Bellevue light rail stop provides easy connectivity to the multimodal trail. Numerous cultural, entertainment, shopping and dining amenities surround the site, including Bellevue Downtown Park, Bellevue Botanical Garden, Bellevue Arts Museum, Seattle Marriott Bellevue, Hilton Bellevue, Surrey Downs Park and Bellevue Club .

Newmark Executive Managing Director Jesse Ottele and Associate Director Brendan Soelling have been tasked with leasing the upcoming project on behalf of developer Beam Reach Partners.

“We are delighted to lease this exciting new office project,” said Ottele, “With beautifully designed technology and traditional office spaces, top-notch amenities and an unrivaled location in downtown Bellevue, we are confident that this project will arouse strong interest among tenants.”

“Gensler is thrilled to be working at Bellevue during this exciting time of transforming the skyline,” said Brian Di Maggio, Senior Partner and Studio Director at Gensler Seattle. “KANON will undoubtedly have a positive impact on downtown and create a prominent gateway to Fourth Avenue. The KANON development is designed to meet the changing needs of tenants – particularly for more spaces that focus on health and wellness. The abundance of outdoor access and green space will provide third places where tenants can socialize or spend time with a sense of security and well-being – which Gensler’s research findings revealed as one most important things that employees want. We believe this project will enhance and positively impact the tenant experience, and we are thrilled to partner with Beam Reach to bring this vision to life.

Seattle’s Eastside office submarket was flat in the second quarter of 2022, according to Newmark Research, reporting four quarters of positive uptake. The overall vacancy rate was 4.8%, down 20 basis points in the quarter and 170 basis points over the past year. Construction activity continues to boom in the Eastside with 6.5 million square feet of office space
current space.

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