A New York-based real estate firm has acquired the Bellevue Galleria, home of Rock Bottom Brewery and L.A. Fitness, among others for $87.5 million.
Stefan Friedman, a spokesman for Thor Equities, said the contracts have been signed, and the deal should close in approximately 10 days.
Friedman said it was too early to know if the purchase would lead to any change in tenants. The complex is currently 99 percent leased.
Thor owns or manages numerous properties throughout a number of East Coast states, and California as well. According to the company’s website, Thor owns more than 12 million square feet of retail, hotel and office buildings. The Bellevue Galleria acquisition represents the company’s first foray into the Pacific Northwest.
Friedman said the company saw the Galleria as a hot retail destination. The Galleria is home to an office complex that features video game magnet Bungie, the producer of the popular Halo series. He said the purchase falls within the company’s mission of setting up shop on bustling main streets in strong retail areas. He compared the area to Fifth Avenue in New York, and Piccadilly Street in London.
“There are places that are going to be great retail destinations, and clearly Bellevue has established itself in the Pacific Northwest as a great retail location,” he said. “We feel this is a prime location.”