Elevate Outdoor Collective to move HQ to 70K sf building in Bellevue

Lease boosts struggling I-90 submarket, where office availability stands at 43%

Elevate Outdoor Collective to Move HQ to Bellevue Building

From left: Lake Washington Partners president Jordan Lott and Elevate Outdoor Collective’s John Colonna along with 3305 160th Avenue Southeast in Bellevue, Washington (Getty, Lake Washington Partners, Elevate Outdoor Collective, LinkedIn, LoopNet)

Elevate Outdoor Collective has leased a 70,100-square-foot office headquarters in Bellevue, a boon for the struggling Interstate 90 submarket.

The Seattle-based alliance of outdoor winter sports brands will move its hub to the three-story Eastgate Building at 3305 160th Avenue SE, the Puget Sound Business Journal reported, citing a Colliers report.

Terms of the deal with locally based Lake Washington Partners were not disclosed.

Lake Washington Partners President Jordan Lott said in a statement that the offices will be the long-term home to an “amazing tenant.” Lott didn’t name the firm, which he said would begin moving into the building over the next few months.

The Class A property, built in 1986, was revamped in 2001, according to Loopnet. The black-tinted glass offices were once occupied by Verizon, then T-Mobile.

Elevate Outdoor Collective is now based at 413 Pine Street in Seattle, according to its website.

Lake Washington Partners, founded by Lott in 2006, owns and operates 9 million square feet of offices nationwide, according to its website.

Sign Up for the undefined Newsletter

The deal is a boost for the Interstate 90 submarket, where office availability stands at 43 percent, a 23 percent increase since early last year, according to Colliers.

I-90 is by far the worst-performing submarket on the Eastside, according to the Business Journal. The submarket was once home to thousands of Microsoft, Boeing and T-Mobile employees.

Read more

One bright spot was Costco Wholesale’s purchase last month of a 187,000-square-foot building it had been leasing near its new Issaquah headquarters for $61.8 million, or $330 per square foot. The seller was an affiliate of Beverly Hills-based Kennedy Wilson.

The move suggests Costco, the region’s eighth-largest occupier of office space, will continue to expand its corporate office footprint even after the addition of its new nine-story, 620,000-square-foot headquarters building, according to the Business Times.

As of August, the company had 1.2 million square feet of offices in the region.

— Dana Bartholomew