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January 21, 2014

Goldsmith wants to build 15-story office tower on 108th in Bellevue

Daily Journal of Commerce

Nat Levy

Goldsmith Land Investments, a real estate investment and development company, is planning a 15-story office tower in downtown Bellevue.

The company is a subsidiary of Hugh G. Goldsmith and Associates, a 50-year-old engineering company with offices in Bellevue.

Goldsmith wants to build a 210,000-square-foot tower with up to 10,000 square feet of retail at 305 108th Ave. N.E.

John Dulcich, president of Goldsmith Land Investments, said he would like to begin construction within the next 18 months. He said design review began in December.

Goldsmith is one of several developers who have proposed office buildings in downtown Bellevue. Kemper Development Co., Beacon Capital Partners, Trammell Crow Co., Schnitzer West, Rockefeller Group and Ivanhoe Cambridge have all announced projects, but none of them have started construction.

Dulcich, who is also a member of the Newcastle City Council, said Goldsmith will wait until pre-leasing reaches about 50 percent before starting construction.

Goldsmith's project is smaller than others proposed for downtown Bellevue, so a 100,000-square-foot tenant could have a big presence in the building.

"We feel with our product we offer a different, more unique opportunity where a large tenant is going to feel like it is their building," Dulcich said.

The site is about three quarters of an acre. Floorplates will be about 15,000 square feet, which is a little smaller than what many tenants want these days. To overcome this issue, Dulcich said, every other floor will have an atrium that opens up to the next floor so the spaces can feel connected, simulating a 30,000-square-foot floorplate.

Smaller floorplates will also give Goldsmith the opportunity to sign tenants looking for smaller spaces, Dulcich said.

There will be an outdoor plaza above the lobby and a rooftop garden.

Freiheit and Ho Architects is designing the project, and Lease Crutcher Lewis is doing pre-development services.

Other team members include: Rick Hart of Kidder Mathews, leasing broker; Weisman Design Group, landscape architect; Hugh G. Goldsmith and Associates Inc., civil engineer; DCI Engineers, structural engineer; Transportation Engineering NorthWest, traffic planner; and ABPB Consulting, geotechnical consulting.

The project is between Expedia's Bellevue offices and Civica Commons office complex. Goldsmith said his site is on the southern edge of Bellevue's tallest and densest zoning. This guarantees there won't be taller buildings south of his project, protecting southern views for some tenants and making the building visible along the skyline to drivers headed north on Interstate 405.

"It will be small in size but large in stature in terms of the exposure," he said.

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