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Commercial Real Estate: New high-rise on Jackson

Developer Selig to start work soon on 10-story office building across street from Union Station

Monday, October 9, 2000

By BILL VIRGIN
SEATTLE POST-INTELLIGENCER REPORTER

Seattle office developer Martin Selig said he plans to start construction within 90 days on an office building across Jackson Street from Union Station.

Selig purchased the site in May after another developer, Patrick Mahoney, was unable to secure financing for a similar project.

The new office building will be 10 stories with 140,000 square feet; Selig said about 50,000 of the space is already leased. The building should be ready by early spring 2002. Selig said design review of the project is nearly done and he has filed for a master use permit for the development.

The building, on the north side of Jackson Street, would be one of the final pieces of redevelopment of the Union Station area. Vulcan Northwest and Nitze-Stagen launched the development by purchasing the site from Union Pacific, then refurbished Union Station and built an office building immediately behind it, which was dedicated last week. Opus Northwest later bought the pads for and built three office buildings further south on the site.

Selig also said he hopes to begin work on three projects in the Lower Queen Anne neighborhood, each ranging from 55,000 to 75,000 square feet.

In other local real estate news:

  • Immunex Corp. has acquired two properties totaling 8.5 acres on Pier 89 next to the planned site of its office and research campus. It is also talking to two other property owners in the area; the additional property will be used to accommodate expansion.

  • Quadrant Corp. said DeVry Institutes will open its first Pacific Northwest campus at East Campus Corporate Park in Federal Way next July. DeVry will take more than 11.5 acres in the park; Quadrant plans to build a two-story, 100,000-square-foot building and a two-level parking structure. DeVry will offer bachelor's degrees in computer, telecommunications, electronics and business subjects, and will include a graduate program in management.

  • Cosmos International Corp. of Bellevue said construction has begun on Cosmos Lynnwood Center, a six-story, 204,000-square-foot office building at 19088 33rd Ave. W.

  • Developer Skip Rowley said the first phase of Kelkari at Cabin Creek in Issaquah has been completed. The first phase consists of 63 condominiums in three buildings and a clubhouse. Eventually the project will have 189 units in nine buildings.

  • Nexus Properties, a San Diego developer of biotechnology laboratory space, has purchased 8.5 acres at Quadrant Corp.'s Snoqualmie Ridge Business Park and plans to develop two two-story buildings, each with 76,000 square feet.

    Completion of the buildings' shells is expected by next April, and Nexus plans to market the space to biotech research and telecomunications companies.

    Quadrant, meanwhile, is developing two buildings with a total of 123,000 square feet; the first should be ready by December.

  • Opus Northwest LLC has begun work on Opus Business Center in Woodinville, a 248,000-square-foot facility. The building has been leased to Northwest Manufacturing, a precision sheet metal fabricator that currently occupies three locations in Redmond.

  • Marriott International said it has opened its 114-suite SpringHill Suites at 200 S.W. 19th St. in Renton.

  • Schnitzer Northwest said it has signed a 55,000-square-foot lease with Advanced Radio Telecom Corp. for its Civica Office Commons development in Bellevue. Advanced Radio plans to have its headquarters at Civica.

  • CarrAmerica Realty Corp. has signed a lease for 75,000 square feet with Targeted Genetics Corp. at its Canyon Park East development in Bothell.

    CarrAmerica also said it has purchased a 10-acre office development site in Bothell. The site, formerly known as Highland Campus Phase I, has been renamed Canyon Pointe and will feature two office buildings with a total of 175,000 square feet. Construction should be complete in the fall of 2001.

  • Wells Fargo said it is spending $2.1 million to remodel its flagship branch at 999 Third Ave. in downtown Seattle.

    P-I reporter Bill Virgin can be reached at 206-448-8319 or billvirgin@seattle-pi.com

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