Urban Visions, Mitsui Fudosan America Plan 36-Story Office Tower in Downtown Seattle
SEATTLE — Urban Visions and Mitsui Fudosan America Inc. have unveiled plans for The Net, a 36-story, 812,000-square-foot office tower in Seattle’s central business district.
The joint venture purchased the half-block site on Third Avenue for $127.7 million, according to the Puget Sound Business Journal. Gerry Rohm and Logan Greer of JLL Capital Markets arranged the joint venture partnership for the development.
Designed by Urban Visions and architectural firm NBBJ, the Class A tower will comprise 800,000 square feet of office space and 12,000 square feet of street-level retail space. Six levels of subterranean parking will provide 390 spaces.
With an emphasis on health, the project will feature abundant natural light and green space, including a sky park on the upper three levels. Tenants will enjoy views of Seattle’s waterfront, Pioneer Square, the Stadium District and Mount Rainier. The property will be surrounded by many transportation options, including bus lines, the Seattle Ferry Terminal and the Marion Street Pedestrian Bridge.
Completion of the project is slated for 2024.
“The future supply of this scope and type of development is limited,” says JLL’s Rohm. “The developers will define an entirely new generation of office buildings that are foremost focused on occupant productivity and health.”
As of the second quarter, Seattle’s office vacancy rate stood at 10.1 percent, according to JLL. But the vacancy rate for downtown product was slightly lower at 9.2 percent.
Headquartered in Seattle, Urban Visions is a privately held real estate owner, developer and manager. Mitsui Fudosan America is the U.S. subsidiary of Japan’s largest real estate company, Mitsui Fudosan Co. Ltd. The company’s U.S. portfolio includes office, residential and hotel space in major metro areas.
— Kristin Hiller