By Meghan Hall
Vancouver-based Arbutus Properties has purchased two downtown Seattle parcels in preparation to develop a 14-story office project near the Denny Triangle. In a deal that recently closed, Arbutus purchased 1305-1325 and 1331 Stewart St. for $13 million. Public records indicate that the seller of the properties was affiliated with a private trust.
The first parcel is developed with a surface parking lot and is about 10,934 square feet, or about 0.25 acres. The second property is developed with a 9,000 square foot masonry building constructed in 1924 and totals 0.21 acres.
The parcels are part of a larger, full-city block that Arbutus has been endeavoring to acquire as part of its plans to construct a 14-story tower at the site. In March of this year, the firm purchased another parcel at the block–located at 1314 Denny Way– for $7.3 million. The parcel—which is bounded by Stewart St., Denny Way and Eastlake Ave. E.— includes a 5,152 square foot office building that was constructed in 1921.
Once the parcels are assembled, Arbutus is seeking to build 320,000 square feet of Class A office space. The offices feature 24,000 square foot floor plates, as well as 8,000 square feet of ground floor retail and 300 subterranean parking spaces. A rooftop garden is planned for the project, as is a third-floor conference center.
Arbutus hopes to begin construction during the first quarter of 2022, according to its website, with estimated delivery for the first quarter of 2023. Kidder Mathews is currently marketing the property for lease.
“1305 Stewart is the ideal location for a company’s headquarters or large satellite office,” marketing materials state.
However, Arbutus’ ambitions for the area go beyond its plans at 1305 Stewart. The company is also working to build a second 44-story tower, just across the street. Located at 1370 Stewart Street, the project would include a 435-unit apartment building with parking for 117 vehicles. Both 1305 and 1370 Stewart are being designed by Seattle-based architecture firm Perkins + Will. 1370 Stewart is currently in the design review phase, and will return for a second design review meeting in the coming months.
