Seattle’s historic Pioneer Square is growing with the addition of 450 Alaskan, an eight-story mixed-use office building set to open for business in the fourth quarter of this year. The $93 million office building is being developed by Los Angeles-based Hudson Pacific with Seattle-based NBBJ serving as the architect. David Abbott and Laura Ford of Colliers International serve as brokers for both 450 Alaskan Way and King Street Crossing. Anne Marie Koehler and Erika Koehler of JLL are brokers for the retail portion of the space.
The eight-story, 168,000 square foot Class A office building will be LEED Gold certified and include a 3,800 square foot rooftop amenity center and deck, equipped with a conference room. The space boasts large floorplates and the ability to create innovative spaces with unobstructed views of Elliott Bay which can be seen from every floor of the building. Plans call for about 9,000 square feet of retail space as well.
While occupancy in the building is scheduled for the fourth quarter of 2017, interest in the space is growing. The building is already 55 percent leased with one company taking up over half of the square footage. Moving their operations from Seattle’s South Lake Union neighborhood, Saltchuk, a family of transportation and distribution companies, and one of the largest privately held companies based in Washington, will occupy 91,357 square feet in the office building.
Laura Ford, senior vice president of Colliers International Seattle, said Saltchuk has signed a long term lease and while she can’t confirm the length of the term, she did say there has been interest for the remaining space. “We have strong interest in 450 Alaskan from multiple tenants due to the unique rooftop amenities and great location in Pioneer Square,” Ford said.
David Tye, Hudson Pacific Properties senior vice president, Pacific Northwest also said there has been strong interest in the property primarily due to its location, amenities and views as well as access to entertainment, dining and transportation. “The rooftop of 450 Alaskan Way provides some of the best views of the city and will be for the exclusive use of the building’s occupants,” Tye said. He added that the rooftop is designed with a resort-like look and feel that includes a private dining area, fireplace, outdoor barbecues and shuffleboard.
Tye said they expect the remainder of the building to be leased by one or two tenants, and they are currently in discussions with prospective tenants, but he didn’t specify any by name.
Another highlight of the building is its easy access to transportation. The building’s proximity to I-5 and I-90 gives the building a 100 out of 100 transit score. The office will connect to numerous transit options such as King Street Station, First Hill Streetcar, the light rail and easy, direct access to the ferries. There are also abundant amenities for those wishing to walk or step out for a break. In any direction, there’s a number of bars, restaurants, coffee shops and fitness, resulting in an impressive 98 out of 100 walk score. Commuters can also take advantage of the round-the-clock secured parking, and there’s plenty of bike storage, too. Not too far from the building are CenturyLink and Safeco Field which are about a 15 minute walk down the street.
“In every phase of the project, we have worked closely with our neighbors to ensure the building is consistent with the needs and character of the community. Because Pioneer Square is a national registered historical district, there is a well-defined review and approval process. We had unanimous support from the Pioneer Square Preservation Board. We look forward to continuing our collaboration with the community,” said Tye.
Hudson Pacific entered the Seattle market in 2013 with the purchase of 505 First Avenue/83 King Street complex, Metropolitan Park North and Northview Corporate Center in Lynnwood for $367.5 million. The company owns six other buildings in Pioneer Square, collectively known as King Street Crossing. Those buildings include 450 Alaskan, 505 First, 83 King, 411 First and 95 Jackson. Combined, the buildings total 665,376 square feet.
“450 Alaskan, along with other nearby projects, will bring more jobs, more diversity, and more energy to Seattle’s most dynamic and authentic neighborhood. The addition of several thousand people to the area will benefit the entire neighborhood and accelerate the resurgence of Pioneer Square,” said Tye.