Hudson Pacific Buys Development Site in Seattle for 546,000 SF Office Project

by John Nelson

SEATTLE — Hudson Pacific Properties Inc. (NYSE: HPP) has completed its purchase of Washington 1000, a fully entitled office development site in Seattle, for $85.6 million. The Los Angeles-based REIT will break ground immediately on a 546,000-square-foot office tower at the site. The total project costs, including the purchase price of the land, is anticipated to range from $340 million to $360 million.

Washington 1000 is located at 1000 Olive Way within Seattle’s Amazon-anchored Denny Triangle submarket. The project will sit directly adjacent to the $1.9 billion Washington State Convention Center Addition project, which is adding numerous retail amenities and streetscape improvements to the neighborhood.

Project architects LMN and Callison RKTL are designing Washington 1000 to achieve LEED Gold and Fitwel certifications. The design will appeal to post-pandemic office needs with enhanced HVAC filtration units and antimicrobial finishes at key touchpoints. The design will also allow for flexibility with 36,500-square-foot, column-free floorplates, as well as maximum natural light with high ceilings and floor-to-ceiling windows.

The project will feature more than 22,000 square feet of amenity-rich outdoor space, including an indoor-outdoor rooftop lounge and two 5,000-square-foot terraces off the second-floor main lobby. The property will also have an end-of-trip facility that will house secured bicycle storage space, showers, changing rooms, lockers and bike repair stations with tire pumps.

“Washington 1000 delivers exactly what today’s leading companies and their employees desire, uniquely positioning the project within the market for lease,” says Andy Wattula, executive vice president of Hudson Pacific’s Pacific Northwest division.

Washington 1000 will bring Hudson Pacific’s portfolio in the Denny Triangle submarket to 2 million square feet. The developer plans to deliver the Class A tower in early 2024.

“South Lake Union-Denny Triangle market fundamentals remain strong, and our existing portfolio there is over 99 percent leased, underscoring the continued appeal for tenants of high-quality assets in prime, tech-anchored office markets,” says Wattula.

Hudson Pacific’s stock price closed at $24.40 per share, down from $28.10 a year ago, a 13 percent decrease.

— John Nelson

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