Casey Family Eyes 79 KSF Seattle HQ

In what is considered the largest new lease in downtown Seattle this year, Casey Family Programs has signed a 79,189 square-foot agreement for a new headquarters at 800 Fifth, a 42-story office building. CBRE brokered the deal on behalf of the tenant and the landlord, EQ Office.

The ownership acquired the asset in January 2019 for almost $540.4 million, according to CommercialEdge information. Hines Interests sold the property.

The nonprofit organization’s current headquarters is at West8, another Seattle office property, located 1 mile from its future space. Situated within the city’s central business district at 800 5th Ave., the entity’s new location is also 15 miles from Seattle–Tacoma International Airport.

---

READ ALSO: 2025 Office Vacancy Update

---

Completed in 1981, the 940,000-square-foot high-rise went through cosmetic renovations in 2001 and 2016, which included the overhaul of common areas, lobby and tenant amenity spaces. The current owner is also adding a conference and event facility, slated for completion by the end of the year.

Additional amenities include a renovated outdoor plaza, garden area, fitness center and a five-story subterranean garage, as well as 17,000 square feet of retail space. Floorplates at the LEED Platinum-certified building average 40,180 square feet.

CBRE Vice Chair Craig Kinzer, Senior Vice President Steve Schwartz and First Vice President Sean Sussex represented the tenant. Senior Vice Presidents Scotta Ashcraft and Nick Carkonen, along with First Vice President Riley Shephard represented the landlord.

Seattle’s office vacancy rate continues to rise

Seattle’s office vacancy rate at the end of the first quarter clocked in at 27.5 percent, up 490 basis points over a 12-month period and well above the 19.9 percent national figure, according to the latest CommercialEdge office report. However, the market’s listing rate as of March was $38.7, slightly above the $33.4 national index.

Despite an alarming rise in the vacancy rate, some deals are still penciling out. Last month, UW Medicine’s Institute for Protein Design signed a 31,837-square-foot lease at Cascadian at 330 Yale in Seattle. This marked the first major life science lease agreement in the city this year.