By Jon Peterson
Seattle-based Urban Visions has placed on the market for sale the 183,000 square foot office building located at 200 Occidental Avenue South in Seattle’s iconic Pioneer Square. The potential price point on the sale could be somewhere in the range of $160 million, according to sources familiar with the sale of major office buildings in Seattle.
Urban Visions declined to comment on the possible sales price of the property when contacted for this story. The listing agent on the sale is JLL. A person working on the transaction is Gerry Rohm, a senior managing director, who works out of the company’s San Francisco office. JLL declined to comment when contacted for this story.
The office asset up for sale is now fully occupied in both the office and retail portions of the property. Weyerhaeuser occupies all of the 166,000 square feet of office space in the building. This tenant uses the space for its global corporate headquarters. The asset also has 17,000 square feet of street level retail space. This is occupied by tenants like Cherry Street Coffee and MOD Pizza.
The Mithun-designed 200 Occidental is located within the Pioneer Square/Waterfront submarket in Seattle’s historic downtown core. This portion of the Seattle office market has a total square footage of 5.3 million square feet, according to the JLL 2019 fourth quarter report. The total vacancy in this region is 5.4 percent.
Urban Visions has several other office assets underway in Seattle. “We have a total of three other office projects that total 2.2 million square feet that have a total construction value of $2 billion,” says Greg Smith, chief executive officer of Urban Visions.
One of these projects had a ground breaking last month. This was the 145,000 square foot The Jack property located at 74 South Jackson Street, also in the Pioneer Square submarket. It has street level retail, seven floors of office space and a rooftop deck and amenity space.
Another property that Urban Visions is developing is The Net complex located at 801 3rd Avenue. This property has 36 stories and will total 850,000 square feet. The other project in Seattle is the S campus, which is a seven-acre site located between Pioneer Square and Chinatown-International District. This complex will total 1.2 million square feet.