Seattle Office Space News – June 2013

News

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

BUILDING SALES

Lease Crutcher Lewis purchased a 50 percent interest in the 103 year old former livery stables building located at 2200 Western Ave.  The partnership is with the Muscatel Family’s Allegra Properties.  After rehabbing the building, Lewis will be relocating from their current space at 107 Spring Street  and will enjoy a big upgrade in location after the removal of the hwy 99 viaduct in 2016.  The cost of the development was not disclosed.

SOUTH LAKE UNION

Touchstone Corp. announced that construction is set to begin on a two-building development in Seattle’s South Lake Union area before the end of the year. The buildings will be 12 stories and 13 stories tall and total 800,000 square feet of office space.  Here are renderings for the development that will be bordered by Boren & Fairview and Republican and Harrison.  Perkins + Will designed the building and Lease Crutcher Lewis has been selected to build it.

Vulcan Real Estate developed the latest UW Medicine expansion that will include 184,000 square feet of research space.  This is an addition to the previously completed 361,000 square foot development for UW.   The latest building is bordered by Mercer, Republican, Dexter and 8th Ave N.  The final two phases of the 900,000 square foot project have no clear timeline.

ECONOMY

According to the Washington State Employment Security Department, Seattle’s unemployment rate dropped to 4.7% in May.  The unemployment rate for Washington State dropped to 6.8% marking the time since 2008 it has been below 7%.  The state has regained about 79% (or about 162,100) of the estimated 205,000 jobs it lost during the recession.

The On the Numbers Economic Index ranked Seattle  24th on their list of the top 102 major metropolitan areas with more than 500,000 in population.  The index assesses the economic vitality of each area based on an 18-part formula that includes private sector job growth, unemployment, personal earnings, housing-price appreciation, and construction and retail activity.

OTHER NEWS

Seattle-based outdoor apparel company Filson will be opening its new headquarters in SoDo soon. The new space, which is located at 1741 First Avenue South, includes the showroom and can accommodate expanded manufacturing.  The apparel company, originally founded in 1897 during the Gold Rush, is planning a global store expansion after being purchased by Dallas based Bedrock Manufacturing Co. last June.

Benaroya’s TechDwellers offers space to startups and growing companies in an incubator setup of between 300-10,000 square foot suites.  The 40,000 square foot facility was opened in 2011 on the top floor of the Sixty 1 Hundred Building in Georgetown.  The space is 40 percent leased and has seen a spike in interest in the past 6 months. Rents are $19.75 per square foot per year for a suite and a co-working desk space is $295 a month. The rent includes a variety of amenities including high speed internet, conference rooms, and front desk concierge.

Visitors to the Columbia Center’s Sky View Observatory will now enjoy an even better view of the city. The observatory, which is located on the 73rd floor of the building, has expanded its view from 270-degrees to 360-degrees.  Renovations  also added soft seating and new display boards.

A Preservation committee has submitted a  nomination for a downtown building to become a Seattle city landmark. The building, which is located at 1015 Second Avenue, formerly housed the Seattle branch of the Federal Reserve Bank. The designation as a city landmark would make it more difficult to make changes to the building.

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