Seattle Office Space News – April 2013

News

Below are comments and links to news articles and other topics relevant to the Seattle office space market from the month of April 2013.

BUILDING SALES

Cole Real Estate Investments purchased the buildings located at 351,401 and 501 Elliott from CLPF Elliott West.  The buildings, which total 300,000 square feet, sold for $142.5 million or $475 per square foot.

LEASE TRANSACTIONS

The Amazon lease at 1800 9th was reported to be for 150,000 square feet rather than the 100,000 square feet that was previously thought.

Amazon also leased 140,000 square feet at Metropolitan Park North located at 1220 Howell Street.

Key Bank expanded at the Rainier Tower located at 1301 5th Ave by a floor or 18,000 square feet

Real Networks signed a lease for 90,000 square feet at Home Plate Center located at 1501 1st Ave South.  They had previously occupied 332,000 square feet at the North end of the CBD.

Fast growing Zulily subsequently signed a lease to take 230,000 square feet at 2601 Elliott which was previously occupied by Real Networks.

Zillow expanded again taking two more floors at the Russell investments Center at 1301 2nd Ave

Twitter opened an office at 415 Westlake.

Go Daddy also added space for hiring up to 50 people.

PROPOSED PROJECTS

Amazon made some slight tweaks to the design of their proposed 3.3 Million square foot project at 2101 7th Ave.

SOUTH LAKE UNION

Lots of news this month about the proposed rezoning of the south Lake Union are to allow for taller buildings.  Developers were willing to pay higher fees .

The city councel resolved some key issues and will likely vote to approve the rezone.

The rezone will affect the developers of proposed projects in the area in different ways.

This article provides some insight into the costs of cleaning up a 1.4 acre parcel between Roy and Valley street.

ARENA PROPOSAL

April was an important month for Chris Hansen and his ownership group trying to bring the Sonics back to Seattle and create a new area in SODO modeled after LA Live.

He flew to New York to present the case to the NBA.  The NBA later indicated that they will deny Hansen’s request to relocate the team, which was a big disappointment.  However, Hansen and the City will remain focused to continue working on bringing the team back.

OTHER NEWS

The government indicated plans to get more efficient in use of office space

Outdoor Research received some press regarding the uniqueness of their space in SODO.

Children’s made some innovations in their new 330,000 square foot development.

The new headquarters for the Bullitt Foundation has been billed as the world’s greenest building

Traffic downtown will be effected for years because of the work to bring down the viaduct and create a tunnel to route HWY 99 underneath the city.  The tunneling project should be underway shortly.

Seattle was ranked 27th in a study of the nations top 102 economies

Also, Seattle University is making a push to occupy half of the Pac Med building on Beacon Hill that was the former headquarters for Amazon.

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