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Downtown Bellevue Tower Site & 720 Olive Way Tower Sold

DOWNTOWN—The building at 1012 First Ave. has been the site of potential projects for some time. Now, Lake Union Partners is taking their shot by purchasing the century-old condo/retail building for just over $4.3M. Expect longtime tenant Taboo Video to hit the road as the new owners plan to a substantial renovation that will include 'reprogram(ming) the retail space with a more appropriate use.'" [PSBJ]

BELLEVUE—In January, Goldsmith Land Investments announced that they would build a 15-story office tower at 305 108th Ave. N.E. in downtown Bellevue. And now they've sold the site for $13.5M to Fana 305 Limited Liability Co. It's unclear if the project will actually get off the ground but it's going to face stiff competition when it eventually does. [PSBJ]

DOWNTOWN—The 20-story tower at 720 Olive Way was originally expected to sell for upward of $120M. It actually ended up being $101M. The buyer was a company related to Prudential Real Estate Investors, who purchased the 301,000-square-foot building from Hines. Don't cry for Hines, that's still a hefty profit for them. [DJC]