Martin Selig, a legendary Seattle developer, is reported to be planning a modern office tower atop the former Federal Reserve Building at 1015 Second Ave. He purchased the prime real estate in February of this year for $16 million, and his plans include a 31-story addition on top of the original 1950’s structure, which sits there today.
The landmarked Cold War-era property and its new office tower addition will cover around 533,000 square feet of office space and will rise to about 470 feet. Several parts of the building are landmarked and will therefore have to be preserved, including the building’s original four-story exterior and the main elevator lobby. The state of Washington will also have to grant permission before the original underground vault and the teller lobby can be remodeled.
The cost of the renovation and building project were not disclosed, however, the plans are said to include a winter garden on the fifth floor. On completion, the public will be able to visit the preserved lobby and ride the original elevators up to the new glass-encased lobby on the fifth floor. From there, new elevators shafts would take office workers further into the new 31-story office tower.
Architects Perkins+Will, structural engineers KPFF and contractor Lease Crutcher Lewis are amongst the team working with Selig on the plans and this project. The developer is said to have already pre-leased about 10 percent of the future office space.
Besides the old Federal Reserve Building, Selig is already working on several other projects at various stages of development, namely the buildings at Third & Harrison, Third & Battery, Third & Lenora, 15th & Market and 3031 Western.