The landmark Bellevue Arts Museum building at 510 Bellevue Way NE has a new owner.

KidsQuest Children's Museum purchased the Steven Holl-designed structure for $5 million, ending years of financial strain for BAM and giving the children's museum a downtown home.

The sale closed in June 2026, ending BAM's receivership, according to the Puget Sound Business Journal. The proceeds covered more than $1.5 million in creditor claims and allowed the nonprofit to establish a new board.

The building opened in 2001 as a showpiece for BAM but became a financial weight almost immediately. Annual attendance fell to between 15,000 and 20,000 visitors after the pandemic, according to court-appointed receiver Shelly Crocker. BAM closed to the public in September 2024 and filed for receivership.

The $5 million sale price sits far below the building's $35 million tax-assessed value. KidsQuest, which serves about 200,000 visitors per year, projects it can reach more than 350,000 annually in the larger Holl building. The children's museum plans to open there in early 2029.

The renovation carries a steep price tag. KidsQuest President and CEO Putter Bert estimated in October 2025 that the organization would need to raise $60 million for updates including bathrooms, elevators, HVAC, soundproofing for neurodivergent visitors, and new exhibitions.

The organization has not publicly updated that figure. KidsQuest does not plan significant changes to the building's exterior structure.

The Bellevue City Council approved $10 million in city funding in May 2026 to support the relocation, according to DowntownBellevue.com. The sale also had the blessing of the Freeman family, led by longtime BAM patron Kemper Freeman, whose real-estate company owns Bellevue Square and held a right of first refusal on the museum building and land.

KidsQuest's move-in target of early 2029 will mark the next chapter for one of downtown Bellevue's most recognizable structures.