Puget Sound Business Journal is shedding space. After two decades at the Norton Building located at 801 2nd Ave. in Seattle, the local outpost of Charlotte, North Carolina-based national publisher American City Business Journals is moving offices to a much smaller, 5,100-square-foot location at 999 Third Ave., also known as DocuSign Tower. The new space will be 44 percent smaller than its current office, which was also driven by a 41 percent reduction in staff over the last decade.
The publication announced the move in an article stating relocation represents not just a change of address but a strategic move aimed at aligning the publication with the new realities of its business today.
While many roles have been operating remotely, the present staff of 24, down from roughly 60 in 2013 due to a number of national consolidations across the organization, was likely the main reason behind this transition.
“We had way more space than we needed,” said Publisher Donald Baker in the article, adding that Downtown Seattle was the only option the publication’s Charlotte-based real estate team was pursuing. “We were 100 percent committed to downtown Seattle. In no way were we going [to] move outside of the business district. It’s where we feel we need to be.”
999 Third Ave. is an office property owned by EQ Office. It is 47 stories tall and measures 989,186 square feet. An entity associated with EQ Office’s precursor purchased the property for $390 million in 2013 and recapitalized it since. Presently, the property is valued at nearly $514 million, according to King County records.
JLL’s Lisa Stewart is listed on the property’s website as the primary leasing contact. According to the story, she worked with Jim Allison on the lease, and the Puget Sound Business Journal was represented by their colleague Rob Nielsen.