Summit

Location

Bellevue, Washington

Type

Office

SQ Footage

903,000 SF

Project Completion

2022

Partner

KKR

Areas of Expertise

  • Investment and Acquisition
  • Development Oversight
  • Asset Management
  • Project Management
  • Property Management

Highlights

  • Acquired when Summit III was only 50% complete; oversaw completion of the project and tenant move-in during the pandemic
  • Three-tower office project is the largest collection of office space in Bellevue

The Largest Collection of Office Space in Bellevue

At 903,000 square feet, Summit is the largest collection of office space in Bellevue. The three-tower office project was purchased in a joint venture between URG and KKR in 2019 and represents KKR’s first acquisition in the Greater Seattle Region and their first joint venture with URG.

Summit III was under construction at the time of acquisition and only 50% complete. As a local operator and developer, URG was well-positioned to steward the project to completion, providing development oversight through the pandemic and many construction interruptions with successful delivery in 2022.

Summit is now 98% leased with 78% of space leased to credit tenants. With long-term fixed rate financing through 2029 and a weighted average lease term of almost 10 years across all three buildings, Summit serves as a stable asset with limited risk exposure.