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Entitled Seattle Development Site Trades for Nearly $128M
D LLC, an entity affiliated with both Urban Visions and Martin Smith Inc, sold a development site in downtown Seattle that is fully-entitled for The Net, a 36-story, 807,000-square-foot, mixed-use office tower. The buyer was The Net Seattle LLC, a partnership between Greg Smith, CEO of Urban Visions, and Mitsui Fudosan USA, which acquired the property for $127.7 million.
Urban Visions’ Greg Smith told Connect Media, “This is a next-generation building design based on human health, which is more important now than ever. That’s been our philosophy for quite some time and now employers are recognizing how important that is too.”
The open floor plan of the NBBJ-designed prominent skyline project at 810 Third Ave. maximizes daylight and space flow, while a stairwell on the north façade delivers views of Elliott Bay and encourages walking, though Smith notes they’ve added additional elevators to help reduce cab density.
Smart technology infrastructure has been integrated into what Smith calls “an anti-high rise” work environment that is human health focused with advanced filtration as well as touchless and motion-activated elements. The building skin creates an undulating facade along the street with fins that serve as sidewalk canopies.
Construction on the 500-foot tall structure with a three-tiered outdoor garden atop is anticipated to commence in Q1 2021 with delivery estimated to be mid 2024. JLL’s Lisa Stewart and Jim Allison are handling leasing. JLL also arranged the partnership between Urban Visions, and Mitsui Fudosan USA.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development
- ◦Sale/Acquisition
