A Case Study of RidgePointe

Creative Development Strategy Produces Opportunistic Office Development

Challenge

RidgePointe was originally marketed as a site for a small senior housing facility. However, given its proximity to Microsoft’s global headquarters, we determined the site’s highest and best use was development as Class A office.

  • LocationBellevue, WA
  • TypeOffice
  • Size49,274 SF
  • Investment strategyOpportunistic Development
  • Acquisition dateJanuary 2002
Ridge Pointe in Bellevue
Ridge Pointe in Bellevue
Ridge Pointe in Bellevue
Bankhaus Metzler
Ridge Pointe

Solution

We achieved maximum development capacity by capturing the air rights associated with an adjacent parking lot. This allowed the team to deliver a threestory Class A suburban office building with highly efficient rectangular floor plates, modern architectural detail, and striking interior finishes. In addition, the building featured a generous parking ratio in a secure parking garage and proximity to a full range of retail amenities, as well as to Microsoft’s main campus.

Results

The quality of the asset and amenities allowed our team to successfully lease the entire property at a time of very high vacancy in Seattle’s Eastside office market. We sold the building in December 2007, near the market peak, providing a favorable return to our investors.