Seattle
New Hyatt Place to Be Developed Near Angle Lake in SeaTac
Local development company Ariel Development has announced plans to develop a new hospitality facility in the suburban city of SeaTac. The seasoned developer is set to build a new hotel that will operate under the Hyatt Place brand. The investment will have a total value of around $25 million, and will benefit from its placement between the more dense urban areas of Seattle and Tacoma, as well as the nearby Sea–Tac International Airport.
Iconic Seattle Office Building Changes Hands
By Alex Girda, Associate Editor
Seattle’s office market has been praised repeatedly over the past couple of years for constantly producing major transactions and for the way in which areas such as South Lake Union have defined themselves as the next big tech destinations in the country. The investor response is so positive that even companies previously dealing with residential assets are now looking to cash in on the office rise the Northwest has been experiencing. A case in point would be the recent acquisition of the Dexter Horton building by traditional multifamily developer Gerding Edlen.
Project Touted as “Greenest Commercial Building” Lives Up to Its Name
By Alex Girda, Associate Editor
The green building trend was really embraced by Seattle’s major developers with a number of buildings, chief among which is the new Federal Center South Building built by GSA for the U.S. Army Corps of Engineers, making headlines for the innovative ways in which established or groundbreaking environmentally friendly technologies were employed. The Bullitt Foundation has strived to cut out its own niche on an increasingly sustainable market and the effects are clearly visible.
Seattle’s New Skyscraper to Get SLS-Branded Boutique Hotel
The SLS Hotel Seattle will occupy floors 2 through 15, and offer guests 184 rooms to choose from, all designed with its signature boutique-style in mind. Located at 5th and Columbia in the city’s downtown, the new skyscraper will begin construction during this year’s Q4 with a 2016 completion date in its sights. The hotel’s guest amenities will include 20,000 square feet of meeting space, a spa, fitness facilities, and 30,000 square feet of food and beverage outlets.
Downtown Seattle Real Estate Market Set for Two New Deals
The Logan Building offers tenants 108,000 square feet of office space in the city’s downtown area. With a strong occupancy rate of around 93 percent, major names currently residing at the five-decade-old building include the Downtown Seattle Association, as well as retailers Butch Blum and Specialty’s Café & Bakery. The Pike Place public market includes retailers such as Cinnamon Works, Crepe de France, Hands of the World, Johnson Berry Farm, Marakesh Leather and The Great Wind-Up. The anchor tenant is Pike Brewing Co.
Schnitzer West Raises Funds Through Office Sale for Speculative Industrial, Office Development
Seven office buildings, part of Schnitzer West’s portfolio recently traded for $25.8 million, to Eastside investor Stan Rosen. The assets are located in Bothell, in the North Creek office campus. The deal was made for a 126,000-square foot campus, and Tech Center II, an office building totaling 31,000 square feet of office space. Speculations explain the deals as fundraising for Schnitzer’s two major office developments in the greater Seattle area: Madison Centre and a Bellevue project.
IDS, Clarion Buy 70 Acres in Suburban Seattle for Industrial Park
IDS Real Estate Group and Clarion Partners have just acquired a 70-acre site in Kent, Wash., for the development of Stryker Business Center at Pacific Gateway, an industrial complex that will encompass as much as 1.5 million square feet of premier space.
Skanska USA Commercial Development’s First Seattle Effort Holds Groundbreaking
Stone34 was designed to become a door opener for the Burke-Gilman Trail, and will serve a diverse population for the area. It features ground floor retail and four levels of office space totaling 129,000 square feet. 8,500 square feet of outdoor pedestrian area are included in the building plans. The ambiance will be secured through wide sidewalks, group seating, plaza spaces and bike rails designed by landscape architect Swift & Company. The ground floor spaces arranged by Skanska were an essential design feature for Stone34’s anchor tenant, Brooks Sports Inc.
Kilroy Snaps Up $170M Office Property in Booming South Lake Union
Located on an entire city block at 320 Westlake and 321 Terry Avenue North, the 320,399-squar foot office campus was built in 2007. It is set on a major transit line with other mass transit arterials located in the immediate vicinity of the facility. The two-building Westlake Terry has the advantage of LEED Gold certification from the United States Green Building Council, and is therefore a much sought-after type of office building.
Rockefeller Group, Sterling Realty Plan Bellevue Office Complex
By Alex Girda, Associate Editor New York-based real estate company The Rockefeller Group is partnering with local entity Sterling Realty Organization on development of a 2.4 million-square-foot mixed-use office-and-retail complex on a 5.5-acre lot owned by Sterling Realty and located in Bellevue’s downtown area. The project will progress in phases, based on demand. Located between […]