{"id":1004707531,"date":"2024-03-25T08:43:56","date_gmt":"2024-03-25T16:43:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004707531"},"modified":"2024-03-25T08:43:59","modified_gmt":"2024-03-25T16:43:59","slug":"centrl-takes-over-former-wework-location-in-seattle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/centrl-takes-over-former-wework-location-in-seattle\/","title":{"rendered":"CENTRL Takes Over Former WeWork Location in Seattle"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0b3bca46752&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004707537\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/centrl-takes-over-former-wework-location-in-seattle\/kelly-springfield-building\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Kelly-Springfield-Building-e1711351141892.jpg\" data-orig-size=\"2400,1802\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Kelly-Springfield Building\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Kelly-Springfield Building was converted to office in 2019. Image courtesy of Kidder Matthews &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Kelly-Springfield-Building-e1711351141892.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"169\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Kelly-Springfield-Building-e1711351141892.jpg?w=300\" alt=\"Kelly-Springfield Building\" class=\"wp-image-1004707537\" style=\"width:320px;height:auto\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The Kelly-Springfield Building was converted to office in 2019. <em>Image courtesy of Kidder Matthews<\/em> <\/figcaption><\/figure><\/div>\n\n\n<p>Flexible office provider CENTRL Office has taken over the former WeWork space at the Kelly-Springfield Building, comprising 53,365 square feet of <a href=\"https:\/\/www.commercialsearch.com\/coworking-space\/us\/wa\/seattle\/?CoworkingWorkspaceTypes=0\">coworking space in Seattle<\/a>. The firm will operate the space under a management contract with landlord Legacy Cos. WeWork vacated the offices in February, after it filed for Chapter 11 bankruptcy. CENTRL plans to open the location in July. <\/p>\n\n\n\n<p>Originally completed in 1917 as an industrial property, the building underwent a conversion to retail use in 1963, followed by an office repurposing in 2019, according to CommercialEdge data. In 2018, it became subject to a $49 million construction loan from Bank of America, the same source shows.<\/p>\n\n\n\n<p>Rising five stories, the building now spans 85,991 square feet of office space. It features an on-site bike locker, rooftop terrace, showers and a conference room. Kidder Matthews Vice President James Yalowitz represented the tenant in the transaction.<\/p>\n\n\n\n<p>Located at 1525 11th Ave., the Kelly-Springfield building is about a mile from downtown Seattle and is adjacent to the Cal Anderson Park. It is also within walking distance of multiple public transit options.<\/p>\n\n\n\n<p>As of February, the average listing rate in Seattle clocked in at $37.87, after registering a 2 percent year-over-year decrease, and on par with the national figure of $37.83, according to <a href=\"https:\/\/www.commercialsearch.com\/news\/office-asset-values-dive-amid-challenges\/\">a recent CommercialEdge report<\/a>. The vacancy rate in the metro reached 22.5 percent, rising by 4.3 percent over 12 months and considerably surpassing the 17.9 percent U.S. rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company will operate the 53,365-square-foot space under a management contract. <\/p>\n","protected":false},"author":3120,"featured_media":1004707537,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,52118,21747,1610,15],"tags":[47540,45599,33231,33678],"class_list":["post-1004707531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-coworking","category-office","category-seattle","category-west","tag-centrl-office","tag-kidder-matthews","tag-u-s-bank","tag-wework"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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