November News

12/ December 2012

NewsNovember News

Below are comments and links to news articles and other topics relevant to the Seattle office space market from the month of October 2012.

More development coming to South Lake Union was announced with this article about the Allen Brain Institute agreeing to lease a 245,000 square foot building from Vulcan.

The Historic Smith Tower is beginning to fill up after a couple years of being mostly vacant.  Here is some coverage about Regus leasing two floors there.

For the first time in memory, Martin Selig hired an outside brokerage company to lease his buildings at 635 and 645 Elliott.  Filling the buildings has clearly been a problem for Selig as they have been mostly vacant since they were completed a couple of years ago.

There have been a lot of large office investment transactions in Seattle.  1201 3rd Avenue sold in November for $548.8 Million or $499 per square foot.  The 1.1 million square foot  building has over 250K square feet of vacancy and the largest tenant is the law firm Perkins Coie.  Beacon/Shorenstein/Wright Runstad was the seller and MetLife/Clarion is the buyer.

The Joshua Green Corporation is partnering with Urban Renaissance Group to manage their portfolio and invest/develop in the future.

Skanska announced that they will be going spec (without any prelease) on their 300,000sf office project located at 400 Fairview in South Lake Union.  The building also cleared design review in November.

Local journalists continue uncovering information about Amazon’s future development plans and options in South Lake Union.

Hostess closed operations at their building in South Lake Union which should be a ripe site for future development.

Vulcan unveiled some plans for a few 240 foot towers of mixed use development at the southern tip of Lake Union.  Vulcan is working with the city to get zoning allowed for taller buildings on the site.

Lots of news will be coming about the redevelopment of the SODO stadium district.  Here is an article indicating some early plans for keeping the area pedestrian friendly.

Plans for Amazon’s new 3.3 Million SF campus in Seattle continue to be solidified.

Changes in public transit frequency are coming according to this article.

Here is a look  at some of the first renderings of a new basketball arena to built should Chris Hansen acquire a NBA team.

Skanska finally was able to clear the final hurdle to begin development of Stone34, which will be the new home to Brooks Sports offices.

When the Alaskan Way Viaduct comes down, there will be a lot of discovery regarding the older buildings neat there that will instantly become prime real estate.

Another large office tower, West 8th, sold for $278.7 Million.  The building was developed by Touchstone in partnership with Prudential RE Investors and was purchased by an LLC affiliated with AEW Capital Management out of Boston.

Finally, Vulcan is competing with a couple of national companies for the right to build mixed development project Yesler Terrace on First Hill.

Written by // Jade Rice