SEATTLE, June 10, 2021 /PRNewswire/ -- Hines, the
international real estate firm, along with Benenson Capital
Partners and USAA Real Estate, today announced Main Street Place, a
6.75-acre, mixed-use development in downtown Bellevue, Washington.
The development will consist of approximately 1.2 million square
feet of new high-rise office product on the north side of the site,
enjoying expansive, unobstructed southern views, as well as
approximately 400 units of low-rise apartments on the south
portion. The ground plane will feature a dynamic pedestrian
experience with approximately 90,000 square feet of retail and
amenity spaces, along with public open space and pedestrian
corridors throughout the site.
Main Street Place will be an exciting addition to Bellevue, one of the most active submarkets in
the Seattle area. It will sit less
than one block away from a future light rail station, scheduled to
open in 2023, which will connect this site to downtown Seattle, Seattle-Tacoma International Airport
and Microsoft's headquarters in Redmond.
"The project's location, flexibility and nearly a full super
block in land area create the opportunity to deliver a new portal
into downtown Bellevue," said
Ty Bennion, senior managing director
at Hines. "This along with exceptional placemaking and ground-plane
design will set Main Street Place apart from anything that
currently exists in Bellevue. We are thrilled to be partnering
with USAA Real Estate and Benenson Capital Partners on what we
believe is one of the most exciting opportunities for community
creation in our market."
The project is being developed on a long-term ground lease with
Benenson Capital Partners, a 115-year-old, family-owned company
based in New York City. The Benenson family has owned the site
for decades, originally acquiring the Albertson's grocery store
that initially inhabited the project and subsequently developing
the retail center that currently exists.
"We are excited to bring the shared vision of Hines and the
Benenson Capital to Main Street Place. We believe this development,
with its proximity to the light rail system, stirring design and
diversity of elements will create a wonderful vitality in downtown
Bellevue," said Richard Kessler, chief operating officer of
Benenson Capital Partners.
"Likewise, we are enthusiastic about launching this partnership
with Hines and Benenson Capital Company to build this exciting
mixed-use district in Bellevue,"
stated Carrington Brown, managing
director of development for USAA Real Estate. "Main Street Place
reinforces USAA Real Estate's build-to-core strategy of investing
in Class A, mixed-use projects in high-demand areas."
Main Street Place's planning and design reflect the values and
promise of Bellevue. Amenities are
abundant, including activated collaboration spaces and
user-friendly outdoor common areas. Dramatic views can be found
while exploring the public spaces, reinforcing an intimacy of
experience between the occupants and place. Green living and the
latest in sustainable design solutions are integral to the
framework of the project.
"Our intention for Main Street Place is to create a vibrant,
active and engaging mixed-use neighborhood that emphasizes quality
of life," said Doug Hocking, design
principal at KPF. "The project's friendly internal courts
prioritize pedestrian comfort with social mixing areas that are
energized with inspirational public art and framed views to Mount
Rainier. We're excited to create a new town center in Bellevue and support the area's growth with
vibrant and exciting mixed-use architecture."
The design team working on the project include lead designer
Kohn Pedersen Fox as well as GGLO,
A+I, Design Workshop and MKA. Additionally, a team led by
Steve Kohn of Cushman &
Wakefield served as developer consultant for Benenson Capital.
Hines is a privately owned global real estate investment firm
founded in 1957 with a presence in 240 cities in 27 countries.
Hines oversees a portfolio of assets under management valued at
approximately $160.9 billion¹,
including $81.7 billion in assets
under management for which Hines serves as investment manager, and
$79.2 billion representing more than
172.9 million square feet of assets for which Hines provides
third-party property-level services. Historically, Hines has
developed, redeveloped or acquired approximately 1,450 properties,
totaling over 485 million square feet. The firm has more than 180
developments currently underway around the world. With extensive
experience in investments across the risk spectrum and all property
types, and a pioneering commitment to ESG, Hines is one of the
largest and most-respected real estate organizations in the world.
Visit www.hines.com for more information.
¹ Includes both the global Hines organization as well as RIA AUM
as of December 31, 2020.
About Benenson Capital Partners
group of companies dates back to 1905 and is still controlled by
the Benenson family. Benenson Capital Partners is a leader among
privately held operating companies in real estate investment,
development and asset management. BCP manages 125 properties,
including retail, office, industrial, multifamily, hospitality and
land throughout the United States
and Canada on behalf of the
Benenson group of companies. The company focuses on core, value add
and opportunistic investments across all major property sectors, as
well as its historic leadership in the ownership of single-tenant
triple-net leased properties occupied by major corporate tenants.
Visit www.benensoncapital.com for more information.
About USAA Real Estate
With more than
$26 billion of assets under
management and 11 global offices, USAA Real Estate is an industry
leader in acquiring, developing, financing and managing the highest
quality real estate assets in North
America and Europe. The
mission of USAA Real Estate is to serve the financial interests of
its investor clients by strengthening the profitability and
diversity of their investment portfolios, which includes
multifamily, industrial, office and hotel properties as well as
e-commerce logistics and distribution centers, media production
facilities and data centers. Aligned with a series of strategic
partnerships cultivated over decades of co-investment, USAA Real
Estate engages with preeminent sector leaders demonstrating proven
domain expertise in a shared drive to achieve superior,
risk-adjusted returns. For more information, visit
Great Ink Communications, (212)
SOURCE Benenson Capital Partners