Hines has purchased the Norton Building, a 269,000-square-foot office building located at 801 2nd Avenue in downtown Seattle.
The purchase price was not disclosed. According to the public records, the company paid $147.25 million for the office building.
Originally developed in 1959 by Northwest Building Corporation, the historic Norton Building, known as Seattle’s original modern office, is a 17-story office asset that is 94% leased by a variety of tenants.
With exceptional views of Puget Sound, Mount Rainier and the Stadium District, Hines will be renovating the common areas to create a new lobby experience with expanded gathering areas. Hines will also add new creative and interactive spaces throughout the building, all with a focus on environmental, social and corporate governance, to continue to attract tenants that are looking for modern, experiential office space.
“Hines is excited to acquire the historic Norton Building as its first new owner in over 60 years,” said Andy Albrecht, managing director at Hines. “The building was exceptionally well built, and we look forward to completing improvements, including modern amenities and increased energy efficiency, to this iconic, centrally located asset ”
One of the most attractive qualities about the Norton Building is its location, according to the company. Just two blocks away from the light rail, bus lines, ferry terminal and freeways it provides excellent transportation access to commuters.
It is also located close to the new Seattle Waterfront renovation that will add 20 new acres of public space to the downtown waterfront.
Renovations are expected to begin in Q2 of 2022.
