SEATTLE — Hudson Pacific Properties has purchased the condominium rights to build a fully entitled office development for $86 million before credits, prorations and closing costs. The property will be adjacent to the Washington State Convention Center (WSCC) Addition in Seattle.
The 538,000-square-foot office tower will be located at the intersection of Boren Avenue and Olive Way in Seattle’s Denny Triangle neighborhood. The 1.2-acre, full-block site is fully entitled for a 16-story office tower. The WSCC Addition’s development team, including Pine Street Group as pre-development manager and LMN as architect, has already performed extensive predevelopment and design work.
Targeting LEED Gold certification, the tower will feature 526,000 square feet of office space and 12,000 square feet of retail space. Amenities will include more than 10,000 square feet of outdoor space, bike storage, showers and lockers, as well as direct access to the WSCC Addition’s pedestrian-level retail experience. Additionally, the site offers transportation access to Interstate 5, Sound Transit’s Link Light Rail, the Seattle Streetcar network and regional bus service.
Hudson Pacific estimates total development costs, including the purchase price, in the range of $300 million to $350 million. Construction is slated to begin as early as mid-2021 with delivery for tenant improvements in late 2022.