Yesterday when I was walking back from my daily Whole Foods trip, I noticed the new West 8th signs on the corner of 8th Avenue and Westlake. This project hasn’t been as controversial but will definitely block some views at the Cosmopolitan, which sits less than a block away.

West 8th will be completed in March 2009 and will accommodate over 500,000 SF of Class A office space among 28 stories.

Building amenities include a midlevel roof-top deck, secure 24-hour tenant access, onsite daycare facilities, bike storage, full service restaurant and coffee bar, fitness center with locker rooms as well as 7 levels of parking for tenants and visitors.

If you take a look at the rendering, the building looks as if it will fit right in! The way the retail level will be positioned and utilized, West 8th will be a milestone in connecting downtown to South Lake Union.

The Team-
Leasing: Tina Pappas, Egis Real Estate Services, 206-404-6700
Developer: Touchstone Corporation
Architects: Callison Architecture, Inc.
Contractor: Lease Crutcher Lewis

A couple months back, I visited the Tri-Cities in Eastern Washington (…of all places) and noticed that there were tons of new Office Condos being built…I thought- what a great concept for both business owners and investors wanting to get into the commercial market without having to purchase an entire building.

Last week, NuWireInvestor did a piece on the new niche market and it seems that Office Condos are popping up everywhere- Phoenix, New York City, Miami, Austin and Seattle. Click here to read more!

(Seattle rarity: Office condo, SeattlePI 2/06- Click here to read more)

According to the Seattle Daily Journal of Commerce, OPUS Northwest will begin construction on a 9 story, Class A+ office building next month at 701 Madison St. There will be approximately 201,000 square feet available for lease and occupancy is targeted for summer 2008. (7th & Madison Website)

OPUS Northwest just completed First Hill’s M Street Apartments and are currently developing 1521 2nd Ave.

The 41-story office building (901 5th Ave) and 5th & Madison Condominiums were purchase by Kennedy Wilson Inc today for $300M.

Everyone seems to be covering the story but the Puget Sound Business Journal and Commercial Property News reported that the price includes the completion of 5th & Madison (126-unit condominium project, $660,000 average sales price, occupancy fall 2007) and the $35M redevelopment of the office building (LEED Silver status, new lobby, common areas etc) that is already in progress.

They also mentioned that 84 condominiums have been sold in 5th and Madison and 59% of 901 5th Ave is currently leased.

Yesterday, Ron Sims signed an agreement selling Qwest Field’s north parking lot to Nitze-Stagen & Co and Opus Corp. for $10.1 million.

According to the Puget Sound Business Journal, the agreement mandates that the project (just shy of 4 acres) will include at least 400 condominiums and apartments in which 100 will be dedicated to affordable housing.

Get rid of the waste-of-a-space parking lot and clean up Pioneer Square!

PSBJ Article
Seattle Times Article (2005)
Seattle Times Article (2006)
(photo: Dean Rutz)

I thought this was a VERY unique opportunity at Live2200. Instead of purchasing a traditional condominium, purchase a work/live loft zoned for retail or office use!

On the first level you enter the work space on 9th Ave that features 15 ft. ceilings, concrete floors, near floor-to-ceiling windows and a Ÿ bath. There is a stairway that leads to the living space above with 14 ft. ceilings, hardwoods floors, a full bath and a large fully equipped kitchen- with all the trimmings! The main floor (living) can be entered from the 1st floor of the Azur tower and has a lofted sleeping area with 6 ft ceilings- perfectly proportioned for a hidden bedroom. The total square footage is over 1900 sq. ft, there is an outdoor balcony and downtown views are seen throughout.

Asking Price: $935,000

Click here for more information and photos.

Lyn Tully, Quorum Real Estate Madison

I haven’t heard much about this project but it looks as if Clise Properties is developing a 32 story mixed-use building on the corner of 7th & Westlake between Virginia and Lenora…called 7th @ Westlake.

This building will accommodate over 12,000 square feet of street-level retail, 230,000 square feet of office space (floors 5-16) and over 200 condominiums (floors 17-32). It will feature 3 outdoor terraces, a sports center, 7 levels of parking and will be open late 2009. Click here to view the 7th @ Westlake website.

Located so close to the Cosmopolitan, it is hard to say if this building will obstruct views…but at least there is more retail space coming to the area!

Crescent Real Estate Equities Co. just sold the Exchange Building on 2nd and Marion St. (821 2nd Ave) to The Ashforth Co. and GE Asset Management for $80.6 million.

Crescent Real Estate Equities Co. purchased the building in 2005 for $52.45 million and maintained the 295,000 sq. ft space at 100 percent occupancy with King County as a major tenant.

The 23 story building was built in 1930 and achieved landmark status on April 20th, 1990. When completed The Exchange Building was the second tallest reinforced-concrete building in the United States.

Click here to read the PSBJ article.

Ken Alhadeff, the owner of several historic Seattle buildings, just sold five of them to Principal Financial Group for $62 million. The Puget Sound Business Journal reported that it was an emotional event for the whole family due to the fact that the buildings have been in the family for decades. Principal Financial Group purchased the following:

The Broderick Building, 615 Second Ave., 77,553 sq ft, 7 stories, built in 1889 and renovated in 1986, purchase for $13.42 million

The MJA Building, 1613 Second Ave., 16,509 sq ft, 2 stories, built in 1914 and renovated in 1994, purchased for $3.41 million

The Broadacres Building, 1601 Second Ave., 112,889 sq ft, 10 stories, built in 1907 and renovated in 1994, purchased for $23.09 million

The MiKen Building, 1417 Fourth Ave., 47,364 sq ft, 8 stories, built in 1908 and renovated in 1999, purchased for $9.04 million

The Coliseum Theatre, 1506 Fifth Ave., 29,065 sq ft, 1 story, built in 1915 and renovated in 1994, purchased for $13.02 million. (currently occupied by Banana Republic)

With the new zoning guidelines in place, the two-story MJA Building near Pike Place Market could potentially be redeveloped into a 40-story tower with unobstructed views of Elliott Bay and the Olympics. If that is the plan, the 2nd and Pine location of 1613 2nd Ave would surely block views of those purchasing at 1 Hotel & Residences (1600 2nd Ave)!

-Photo: Morris Alhadeff (c.) and Joseph Gottstein (r.) outside Coliseum Theater, Seattle, 1967 Courtesy MOHAI (Neg. No. P-I 1986.5.12632.1)

Last year around this time, Starbucks was filing paperwork to acquire two buildings at 83 S. King St. and 505 1st Ave. S in Pioneer Square. It is confirmed that they are indeed extending their headquarters but it will be quite the process.

Built in 1904 and renovated in 2000, 83 S. King is currently occupied by Starbucks employees in the Store Development Design and Pacific Northwest Region Store Development Team divisions. Other lease agreements within the building have been honored and Starbucks will gradually take up the space as it comes available. 505 1st Ave S. has been granted a master use permit for a 7 story, 203,000 sq. ft office building. A parking lot, parking garage and the one story, Duncan Building sits on the site and plans for demolition have not been revealed, let alone a timeline.

This is very exciting news for the neighborhood and a perfect fit for those condo projects just being developed/proposed in the Downtown/Pioneer Square areas. An update should be publicly released in the next month or two, so stay tuned!