In what is taken into account the most important new lease in downtown Seattle this yr, Casey Household Packages has signed a 79,189 square-foot settlement for a brand new headquarters at 800 Fifth, a 42-story workplace constructing. CBRE brokered the deal on behalf of the tenant and the owner, EQ Workplace.
The possession acquired the asset in January 2019 for nearly $540.4 million, based on CommercialEdge info. Hines Pursuits offered the property.
The nonprofit group’s present headquarters is at West8, one other Seattle workplace property, situated 1 mile from its future area. Located inside the metropolis’s central enterprise district at 800 fifth Ave., the entity’s new location can be 15 miles from Seattle–Tacoma Worldwide Airport.
READ ALSO: 2025 Workplace Emptiness Replace
Accomplished in 1981, the 940,000-square-foot high-rise went by way of beauty renovations in 2001 and 2016, which included the overhaul of frequent areas, foyer and tenant amenity areas. The present proprietor can be including a convention and occasion facility, slated for completion by the top of the yr.
Extra facilities embody a renovated out of doors plaza, backyard space, health middle and a five-story subterranean storage, in addition to 17,000 sq. toes of retail area. Floorplates on the LEED Platinum-certified constructing common 40,180 sq. toes.
CBRE Vice Chair Craig Kinzer, Senior Vice President Steve Schwartz and First Vice President Sean Sussex represented the tenant. Senior Vice Presidents Scotta Ashcraft and Nick Carkonen, together with First Vice President Riley Shephard represented the owner.
Seattle’s workplace emptiness fee continues to rise
Seattle’s workplace emptiness fee on the finish of the primary quarter clocked in at 27.5 p.c, up 490 foundation factors over a 12-month interval and nicely above the 19.9 p.c nationwide determine, based on the most recent CommercialEdge workplace report. Nevertheless, the market’s itemizing fee as of March was $38.7, barely above the $33.4 nationwide index.
Regardless of an alarming rise within the emptiness fee, some offers are nonetheless penciling out. Final month, UW Medication’s Institute for Protein Design signed a 31,837-square-foot lease at Cascadian at 330 Yale in Seattle. This marked the primary main life science lease settlement within the metropolis this yr.
