University District Office Tower Breaks Ground

Construction work has begun on University District Station Building, a 12-story office facility located on Brooklyn Avenue Northeast in the University District of Seattle. The 260,000-square-foot project, developed by LPC West and investment partner Intercontinental Real Estate, has been mostly preleased to the University of Washington. New construction is welcome news for the beleaguered commercial ... The post University District Office Tower Breaks Ground appeared first on Connect CRE.

University District Office Tower Breaks Ground

Construction work has begun on University District Station Building, a 12-story office facility located on Brooklyn Avenue Northeast in the University District of Seattle. The 260,000-square-foot project, developed by LPC West and investment partner Intercontinental Real Estate, has been mostly preleased to the University of Washington.

New construction is welcome news for the beleaguered commercial real estate office sector, which has seen overall vacancy in Seattle climb to 20.6% according to Colliers. The Puget Sound Business Journal reports that UW has agreed to pay $61 per square foot for rent, including taxes, insurance and maintenance at the new building.

The University said the new tower will enable it to consolidate administrative functions and maintain control of that gateway to the campus. Located at the corner of Brooklyn Avenue NE and NE 43rd Street, the tower will be situated in the heart of the University District, about one mile east of Interstate 5.

The post University District Office Tower Breaks Ground appeared first on Connect CRE.

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