Skanska has inked a lease agreement totaling some 68,880 square feet at The Eight, a 729,000-square-foot Class A+ office development in Bellevue, Wash. The long-term commitment includes roughly 47,360 square feet of office space and about 21,520 square feet of parking. The tenant, an advertising technology company, is expected to move in sometime in the second quarter of next year.
This agreement marks the second leasing deal at The Eight. The first closed earlier this year, when The Pokémon Co. committed to 526,350 square feet at the upcoming office tower. That transaction—Skanska’s largest single lease—also included 152,300 square feet of parking space. The development is now 82 percent preleased.
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Construction on The Eight began in 2021, with Pickard Chilton and Adamson Associates providing architectural design. The development topped out last year and completion is expected later this year.
Upon delivery, the 26-story tower will feature 23,000-square-foot floorplates, 14-foot floor-to-floor heights, floor-to-ceiling windows, a 3,190-square-foot rooftop deck, as well as 11,000 square feet of ground-level retail.
With a focus on health and well-being in the workplace, the office building is slated to include indoor and outdoor fitness spaces, saunas and locker rooms on the second floor. EV charging and bike parking will also be available.
The Eight achieved WiredScore Platinum, Fitwel Level Two, SmartScore and Samon-Safe certifications. Additionally, the development is pursuing LEED Platinum. According to Skanska’s first-quarter reports, the company has reduced its carbon footprint by 58 percent since 2015.
Located at 10660 NE Eight St., the development is proximate to several parks and transit stops, as well as within walking distance of downtown Bellevue, where a 1.3 million-square-foot shopping center can be found.
Skanska’s Puget Sound developments
The Eight is Bellevue’s first speculative office building to be developed in six years. The project is Skanska’s second in the city, its first being Alley 111, a 260-unit multifamily project completed in 2015.
The office development also marks Skanska’s sixth development in the Puget Sound region. One of its earlier projects was 2+U, a 686,000-square-foot waterfront tower in Seattle. Skanska topped out the project in 2018 and sold it for $704 million to Hana Financial Group in 2020.
Seattle office leasing activity booms
Greater Seattle’s office market witnessed a surge in leasing activity during 2024’s second quarter, according to a Savills report. Some 2 million square feet were leased, double the amount of last year’s second quarter.
Bellevue’s Central Business District contributed 600,000 square feet of leased office space, making up 29.7 percent of all leasing deals of this quarter, the report goes on to show.
However, despite the robust office leasing activity, the metro’s vacancy rate stood at 27.7 percent in June, marking a 260-basis-point increase year-over-year. Bellevue’s CBD fared better, with a vacancy rate of 21.2 percent in June, aided by strong demand for prime office space, Savill’s report goes on to mention.