LPC West JV Breaks Ground on Seattle Tower

Seattle skyline. Picture by Deborah Jackson through pixabay.com

LPC West and funding accomplice Intercontinental Actual Property Corp. have commenced development on the College District Station Constructing, an roughly 266,000-square-foot workplace vacation spot in Seattle, based on the Puget Sound Enterprise Journal. The College of Washington would be the lead tenant on the 12-story tower.

The beginning of development of UDSB comes roughly 18 months after LPC West and Intercontinental inked a long-term floor lease for the transit-oriented improvement, which is able to sprout up at 4328 Brooklyn Ave. N.E., straight above a light-weight rail station. The constructing will sit simply two blocks from the college, within the coronary heart of the town’s bustling U District submarket. “This mission will assist the transformation of the neighborhood and function an elevated gateway to the College of Washington,” based on a mission presentation doc by the Metropolis College Neighborhood Advisory Committee.

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Perkins & Will is the architect behind UDSB and has created a design that may embrace practically 260,000 sq. toes of premier workplace house, roughly 2,600 sq. toes of ground-level retail house and, remaining true to the mission’s transit-centric theme, zero automobile parking lodging and ample bike storage. UDSB will even characteristic bathe rooms, an amenity house, a rooftop terrace and a inexperienced roof with a photo voltaic panel array. Moreover, the event will provide open house within the type of an 8,800-square-foot pocket park. The mission is designed to satisfy LEED Gold certification.

Tenant prospects

The Seattle workplace market has but to totally get well from the implications of the pandemic. Nevertheless, sure areas are faring higher than others, and the U District/Ballard submarket is one among them. The neighborhood that’s internet hosting UDSB recorded an workplace emptiness price of simply 4.7 % on the finish of 2022, in comparison with metropolitan Seattle’s total workplace emptiness price of 10.5 %, based on analysis by Kidder Mathews.

“Whereas rising financial headwinds threw chilly water on leasing exercise to shut 2022, some corporations remained lively out there, trying to reap the benefits of ample high-quality choices and relocate or, in some instances, broaden,” based on the Kidder Mathews report.

With GLY Development Inc. serving as the overall contractor for UDSB, the College of Washington expects to take occupancy of the constructing in early 2025. Within the meantime, LPC West and Intercontinental stay busy with different tasks, together with a 195,000-square-foot life science constructing that’s deliberate for a web site only a stone’s throw from the House Needle in Seattle’s South Lake Union neighborhood.