TikTok Inks 150 KSF at Seattle High-Rise
Social media giant TikTok has expanded its office lease in downtown Bellevue, Wash., by an additional 150,000-square-foot, The Registry first reported. The tenant, owned by Beijing-based ByteDance, will occupy seven floors.
Microsoft was the previous lessee of the seven floors. The company relinquished the space in December 2023, Downtown Bellevue Network reported.
ByteDance signing a lease with the property’s owner, Kemper Development, first made headlines earlier this year, when Puget Sound Business Journal reported that this commitment would bring TikTok’s Bellevue office footprint to more than 242,000 square feet.
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Seattle’s office market has shown signs of improvement, particularly in the case of completions—as 2.5 million square feet came online in the first four months of the year. Current economic conditions have affected U.S. tech markets, leading rises in vacancy—in Seattle, the rate was up 400 basis points year-over-year through April.
High-rise near downtown Seattle
Lincoln Square North Tower came online in 2005. The 27-story, 550,000-square-foot Class A building became subject to a $220 million loan in 2015, originated by TIAA Insurance Bank, with a maturity date set for 2025, according to CommercialEdge data.
The high-rise features three floors of retail, 22,000-square-foot floorplates, eight passenger elevators, along with 1,424 car parking spaces. Amenities include a workout facility, a swimming pool, bike lockers, shower facilities and six electric charging stations, among others.
Located at 700 Bellevue Way NE., the property offers access to interstates 90 and 405, as well as U.S. Route 520. Workers have access to the pedestrian corridor and the Bellevue Transit Center. Downtown Seattle is some 10 miles away.
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