Hudson Pacific Properties has purchased the condominium rights for $86 million to build a 16-story office tower adjacent to the Washington State Convention Center Addition in Seattle.
The planned approximately 538,000-square-foot office tower will be centrally located at the intersection of Boren Avenue and Olive Way in Seattle’s Denny Triangle neighborhood.
The 1.17-acre, full-block site is fully entitled for a 16-story office tower due to extensive predevelopment and design work by the WSCC Addition’s development team, including Pine Street Group as pre-development manager and LMN as architect.
Targeting LEED Gold, the tower will have approximately 526,000 square feet of office space and 12,000 square feet of retail. Comprehensive amenities will include over 10,000 square feet of outdoor space, bike storage, showers and lockers, and direct access to the WSCC Addition’s dynamic pedestrian-level retail experience. Hudson Pacific estimates total development costs, including the purchase price, in the range of $300-350 million.
“This project represents an opportunity for Hudson Pacific to deliver a world-class office tower that will complement and enhance the Washington State Convention Center Addition,” said Andy Wattula, Senior Vice President, Pacific Northwest for Hudson Pacific. “Building on our existing investment portfolio in the Denny Triangle area, this project positions Hudson Pacific to play an important role in the ongoing transformation of this vibrant area of downtown Seattle.”
“Hudson Pacific’s commitment to long-term ownership of this asset and stewardship in the neighborhoods where they invest were key considerations in selecting them as the purchaser,” said Frank Finneran, Board Chair of the WSCC. “This office development plays an important role in the overall WSCC Addition.”
Hudson Pacific expects to commence construction as early as mid-2021 with delivery for tenant improvements in late 2022.
Source: Hudson Pacific Properties