Home AEC Schnitzer West Acquires Last Piece of Development Site for $29MM, Plans 430,000...

Schnitzer West Acquires Last Piece of Development Site for $29MM, Plans 430,000 SQFT Class A Office Complex

Schnitzer West, Seattle, Interval on Mercer, The Artise, Motiv Studios
Interval on Mercer as seen from Mercer Street. Courtesy of Motiv Studios.

(EDITOR’S Note: According to public records, Schnitzer West paid $29 million for 551 and 619 Roy Street. The deal closed yesterday. Schnitzer West acquired the two other parcels, at 570-572 Mercer in December of 2019 for $7.775 million.)

Two Eight-Story Buildings totaling 430,000 SF will Offer Tenant-Focused Quality, Sustainable Design, and Flexible Space SEATTLE, Wash.) — Schnitzer West, LLC (Schnitzer West), one of the West Coast’s leading real estate investment, development, and property management companies, today announced it acquired an additional land parcel, which completes the assemblage of an entire block adjacent to Mercer and Roy streets in Seattle. Schnitzer West plans to develop a new living-building office complex, “Interval on Mercer,” on the block. 

Comprised of two eight-story Class-A office buildings, Interval on Mercer will achieve the ultra-sustainable Living Building Challenge certification while offering a full array of premier tenant-focused design elements typically found in Schnitzer West’s developments. The first building is planned for completion in Q2 2024, with the second building slated for delivery in Q2 2025. Interval on Mercer will offer approximately 430,000 square feet of Class-A office and retail space with onsite parking. 

The development is located at a dynamic intersection of four neighborhoods – Uptown, Lake Union, Seattle Center, and South Lake Union. Designed to offer the ultimate tenant experience, Interval on Mercer includes a bike lounge, fitness and wellness center, locker rooms, and large private decks on every floor. 

Schnitzer West has reimagined its great room concept to be elevated to the rooftop to capture views and natural light with this development. In the first building, the great room will have a common area, conference rooms, outdoor meeting areas, a bar, and more. Interval on Mercer’s proximity to downtown Seattle offers extensive and easy access to the Climate Pledge Arena and city center by foot, bicycle, or public transportation.

“Interval on Mercer will be the first sustainable office campus in the Seattle area,” said Pam Hirsch, president and chief operating officer at Schnitzer West. “The office buildings will offer all of the functional and hospitality-focused elements that today’s employees expect and that Schnitzer West is known for delivering.”

Interval on Mercer is pursuing the Living Building Challenge certification as a commitment to creating a healthy environment and contributing to the sustainability of the neighborhood as a whole. For example, Interval on Mercer’s roof will capture rainwater and solar energy, the complex will prioritize use of local and ecologically restorative materials throughout the site, and the carbon-neutral buildings will meet stringent energy targets.

Schnitzer West’s active projects include The Artise in Bellevue, Interval on Mercer in Seattle, and The Current and Westray in Denver, among others. Since its inception in 1997, Schnitzer West has developed and repositioned 10.7 million square feet across various property types in the Puget Sound, Portland, and Denver markets. Today, the company has 850,000 square feet under construction, another 2.4 million square feet in pre-development, and 3.1 million square feet of Class-A office, flex, and industrial buildings under management in the Seattle and Denver markets.

About Schnitzer West, LLC 

Schnitzer West, LLC, is one of the West Coast’s fastest-growing real estate investment, development, and property management companies. Founded in 1997 by managing investment partner Dan Ivanoff of Seattle and Schnitzer Investment Corp (now MMGL Hold Co LLC.), the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management, and investment expertise. Known for its commitment to “Outperform the Expected,” Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns, and for its value-creation approach to property management. To date, it has developed or repositioned more than 10.7 million square feet of Class-A office and suburban office, flex, industrial and bio-tech space, mixed-use, and luxury multi-family residential condominiums in Seattle, Portland, and Denver. Currently, its Asset Operations group actively manages 3.1 million square feet of office and industrial property for various clients. Building on its success in the Northwest, Schnitzer West owns additional properties in Denver and is exploring new market opportunities across the Western United States.