By Meghan Hall
Seattle-based investment and development firm Vulcan has plans to sell a key asset in Seattle’s rapidly growing South Lake Union neighborhood. According to a report released by The Broderick Group, The Lakefront Blocks–currently leased to Google–are on the market. Guidance pricing for the property was not immediately available.
The office campus at 625-630 Boren Ave. was originally finished in 2019. A mixed-use development with office, retail and residential, the Lakefront Blocks rises 15 stories in height and was designed by Graphite Design Group and Runberg Architecture Group. It features 600,000 square feet of office uses, 11,500 square feet of retail and 149 residential units.
The apartments will not be included in the sale. Brokerage firm Newmark is marketing the property on behalf of Vulcan; it originally hit the market in the fall of 2021.
Vulcan’s decision to sell the property comes as it pursues a significant development pipeline in the region. The company has 2.4 million square feet of commercial space under construction, with a future development pipeline of 1.7 million square feet planned across Puget Sound. Vulcan also has 2,656 residential units in the works.
In December, Vulcan broke ground on a 1.4-acre development site at 13238 NE Spring Blvd. dubbed “Ondina.” The project, which totals 249 rental units, is Vulcan’s first multifamily project in Bellevue. At the beginning of the year, Vulcan broke ground on Wayfarer, its third project in Seattle’s Yesler Terrace neighborhood. The project will have 261 residential units.
Since 2000, the company has delivered $4.4 billion in assets in 46 projects. The developments span 7.9 million square feet of commercial space and 3,390 residential units, according to the company’s website. 70 percent of its development has occurred in South Lake Union, which the company states is “one of the largest urban redevelopment projects in the country.”
