Seattle Office Space News – December, 2012

8/ January 2013

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

Touchstone is getting ready for an 800,000sf office development  in South Lake Union.  For more information on proposed office buildings in Seattle see this post (link to who will shape Seattle’s skyline next),  Touchstone also closed on another site in Seattle’s Denny Triangle neighborhood where it plans future development.

Lots of news this month about Amazon in Seattle (as usual).  Here is a link to an article indicating that the purchase of their campus was the biggest real estate deal of the year nationwide.   Amazon also closed on their land purchase from Clise Properties where they will build a 3.3 Million Square foot addition to their campus. Amazon announced that Sellen Construction has been chosen to build the first phase of the project.  Finally, here is an article providing more information on the benefit to the city for Amazon’s recent real estate purchases.

There is speculation that Los Angeles based Kilroy Realty is the buyer for the Westlake/Terry project owned by Vulcan and Group Health in South Lake Union. The two building project is currently mostly occupied by Group Health and Microsoft.

Fast growing Seattle company Avalara is opening a small Seattle office.

The investment market for Seattle office buildings continues to soar.  The McCaw family, looking to take advantage, put two buildings in Seattle’s International District on the market.  The two buildings total over 300,000 square feet and are over 88% occupied with rumors that Intel plans to lease another large block of space there.

Also, Schnitzer west sold a small portion of a block at 8th & Stewart for future development.

Dendreon officially listed 4 floors of space in the Russell Investment Center for sublease.  This coveted high-rise space should lease quickly at rates that are much higher than Dendreon is paying.

Goodman Real Estate is starting construction on a 3 story office building in Interbay near Whole foods.

I expect several articles every month about the proposed Seattle NBA/NHL arena.  Here is the latest on the design of the project.

Although many developers, including Vulcan, are pushing for zoning for taller buildings in South Lake Union, some are opposed.

Finally, the Downtown Seattle Association announced plans for some improvements to the 3rd Avenue corridor.  The improvements, which would be excellent news for the many office building tenants and owners on that street, will include increased police patrols and streetscape improvements.

Written by // Jade Rice