Urban Visions, Mitsui Fudosan JV to develop Class A office tower in Seattle

Urban Visions, Mitsui Fudosan JV to develop Class A office tower in Seattle
The Net, Class A office tower project in Seattle Image: Courtesy of JLL

The joint venture between Urban Visions and Mitsui Fudosan America will develop The Net, a 36-story, 812,000-rentable-square-foot, Class A office tower in Seattle.

JLL Capital Markets announced that it arranged a joint venture partnership between the companies for the development of The Net, Class A office tower located in Seattle’s Central Business District.

Designed by Urban Visions and the globally recognized architectural firm, NBBJ, the tower will be comprised of approximately 800,0000 rentable square feet of office, with 12,000 square feet of street level retail and six levels of subterranean parking totaling 390 spaces. The Class A office tower in Seattle is anticipated to deliver in 2024.

The Net will occupy a half a city block at 801 3rd Avenue in the heart of Seattle’s central business district, commanding the views of Seattle’s waterfront, Pioneer Square, the Stadium District and Mount Rainier. The tower is less than three blocks from the transformational $4 billion redevelopment of Seattle’s Central Waterfront.

The JLL Capital Markets team representing ownership and Urban Visions was led by Senior Managing Director Gerry Rohm and Senior Director Logan Greer.

“From our research, now more than ever, today’s CEOs need to be located in buildings that prioritize people, especially in regard to personal, organizational and environmental health,” Urban Visions CEO, Greg Smith said. “We listened. The Net will set the standard by which all other high-rise buildings will be measured.” 

“Seattle has emerged as the top office market in the U.S. amid this pandemic and will continue to lead in the recovery,”

“Seattle has emerged as the top office market in the U.S. amid this pandemic and will continue to lead in the recovery,” Rohm said. “This is no surprise, given Seattle’s highly competitive cost advantage of living relative to other U.S. markets and the exceptional demand drivers that are in place – the largest global technology companies are headquartered here, attracting and retaining an extensive network of employees and talent in the technology, cloud and engineering space – and the future supply of this scope and type of development is limited.”

“Urban Visions and Mitsui Fudosan have a singular vision for this world class office tower and will define an entirely new generation of office buildings that are foremost focused on occupant productivity and health,” Rohm continued. “Undoubtedly, The Net will establish the new standard for office tower innovation, not only in Seattle, but globally as well.”

Mitsui Fudosan America, Inc. (MFA) is the U.S. subsidiary of Japan’s largest real estate company, Mitsui Fudosan Co., Ltd., a publicly-traded company with approximately $60 billion of assets. Headquartered in Seattle, Washington, Urban Visions is a privately held real estate development and management company.