SEATTLE — The RMR Group Inc. (NASDAQ: RMR) has begun the redevelopment of 351, 401 and 501 Elliott Avenue West in Seattle into a project dubbed Unison Elliott Bay. The existing three office buildings will be transformed into Class A office and life sciences space totaling more than 300,000 square feet.
Amenities will include an outdoor lounge, conference and training rooms, fitness facility, new lab mechanical infrastructure and two backup generators for labs. Tenants will also have access to covered and surface parking, bike storage and electric vehicle charging stations.
Customizable floor plates will range from 21,000 to 27,500 square feet. The buildings are located near the new Climate Pledge Arena, home of the Seattle Kraken National Hockey League team, as well as 15 acres of trails, beaches and open space. Tenants will also have access to onsite food options in addition to the dining and retail amenities of Seattle’s Lower Queen Anne neighborhood.
“Unison’s customizable floor plates, distinctive spaces and common areas that prioritize wellness, with views of the natural beauty of the Puget Sound and Olympic Mountains, will be in demand from an array of tenants,” says Chris Bilotto, senior vice president of RMR. “We anticipate delivery in early 2023 with options to include spec suites for move-in-ready lab space to accommodate a variety of users.”
Joe Gowan, Chad Urie, Grant Schoneman and Grant Yeatman of JLL’s West Coast life sciences team are leading leasing efforts for the project.
“Given growing market demand from technology and life sciences users, Unison will offer full-building lab and office space that perfectly caters to this community,” says Gowan. “Unison’s wellness programming, waterfront views and access to Seattle’s choice green spaces create a premier work environment that prioritizes employee well-being.”
Office Properties Income Trust (NASDAQ: OPI), an office REIT managed by RMR, owns the property. Perkins & Will Architects is leading the design, and DPR is managing the construction.
Newton, Mass.-based RMR is a U.S. alternative asset management company with more than $33 billion in assets under management. The company’s stock price opened at $30.24 per share on Wednesday, March 9, down from $41.37 per share one year ago.
— Kristin Hiller