Seattle Office Space News – September 2013

News

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

LEASE TRANSACTIONS

The biggest lease reported in September was 55,600 square feet in the Columbia Center located at 701 5th Ave.  The Department of Health and Human Services will occupy all of floors 16 & 17 and part of floor 15.  The 1.5 million square foot building has been filling up and is now roughly 75% occupied.

Office supplies store Staples plans to open an office space for 50 people in Seattle for e-commerce development.  The location is not yet known

B+H Architects has opened an office at 225 Terry Ave N in South Lake Union.

BUILDING SALES

The one Seattle building sale reported in September broke the regional price per square foot record at $749 per square foot.  The previous record was $642 per square foot.  Spear Street Capital sold 202 Westlake sold for $97.4 million to GLL Real Estate Partners, which is a real estate investment fund based in Munich.  The 130,000 square foot building is fully leased by Amazon.com.

PROPOSED DEVELOPMENTS

The Seattle office of Trammell Crow released plans this month for a 14-22 story office building at 1007 Stewart Street. The site is currently home to an apartment building and is near Amazon’s proposed 3.3 million square foot campus development.

The new home for the Allen Institute is set to begin construction in South Lake Union.  Vulcan will develop the 260,000 square foot lab and office building at 601 Westlake Ave N.   The building is a significant increase in space for the Allen Institute, which currently occupies roughly 72,000 square feet in Fremont.

American Life purchased a 1.5 acre parking lot near CenturyLink Field and has plans for a 9 story 171,250 square foot office building there.  A start date for construction is TBD.

TUNNEL / VIADUCT

There was lots of news in September about the tunnel project that will replace the viaduct separating Seattle’s CBD from the waterfront.  The drilling machine, named Bertha, has been taking longer than expected to drill the 2 mile tunnel and then was temporarily stopped due to a labor dispute. The dispute was over who got to transfer dirt discharged by Bertha’s conveyor belts to barges.  The project resumed after a few weeks of delays.  This article provides an opinion on the problem with publicly funded project labor agreements.  Many expect that when the tunnel is complete and the viaduct comes down there will be a resurgence in the waterfront neighborhood.

PROPOSED ARENA PROJECT

Proponents of the Seattle NBA and NHL arena released new details about the proposed $490 million arena in SODO in September.  Included in the plans is a massive outdoor LED screen.

The State Court of Appeals upheld the King County Superior Court judge’s previous ruling against the Longshore and Warehouse Union who opposes the project.

OTHER NEWS

According to CoreLogic Inc., home prices in Washington State have increased by 12.4% over the last year.  This is an encouraging indicator for the economy of the state.

This article provides statistics on the growth of wealth in Washington State.  The per capita income of $45,413 was 6% higher than the national average last year.

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