By Alex Girda, Associate Editor<\/p>\n
\u00a0\u201cAn office deal a week\u201d seems to be Seattle\u2019s new\u00a0mantra these days as investment sales get in gear for autumn. The most recent property to take the spotlight is the 82-year-old Art Deco landmark located at 1218 Third Avenue, which Invesco Realty Advisors has just acquired in a $30.45 million transaction. Coming under new ownership has become practically routine for the 27-story office tower; as the Puget Sound Business Journal <\/em>pointed out, the property has traded four times in the past seven years alone. <\/em>According to web source OfficeSpace.com, all but\u00a026,077 square feet of the building’s\u00a0total 169,883-square-foot space are occupied.<\/p>\n Besides hosting a busy office transaction market, Seattle is keeping up its reputation as a leader in sustainability. The Bullit Foundation, a locally based environmental group, broke ground last week on a 45,000-square-foot office building that the organization is billing\u00a0as an avant-garde green model. When completed in late 2012, the six-story Bullit Center will consume only one-third as much energy as a conventional office building, process its own wastewater and\u2014if city officials approve\u2014even produce its own water supplies from rainwater runoff captured by the billing, the Seattle Times<\/em> reported.<\/p>\n Standards for the building\u2019s materials will be similarly strict. All construction materials must be produced within a 300-mile radius of the site in order to trim the project\u2019s carbon footprint. \u00a0Only timber harvested from certified sustainable locations will be used, and more than 300 substances deemed to be hazardous are restricted. At $30 million, the project\u2019s development costs reflect a considerable premium for office projects of its size. But Bullit Foundation\u2019s president & CEO, Denis Hayes, told the Times <\/em>that the building\u2019s state-of-the-art green features will help offset \u00a0the premium by enhancing the building\u2019s appeal to tenants and lowering operation costs.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" By Alex Girda, Associate Editor
\n\u00a0\u201cAn office deal a week\u201d seems to be Seattle\u2019s new\u00a0mantra these days as investment sales get in gear for autumn. The most recent property to take the spotlight is the 82-year-old Art Deco landmark located at […]<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[],"class_list":["post-1004052293","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle"],"acf":[],"yoast_head":"\n