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Hudson Pacific Acquires Seattle Site, Plans $350M Office Tower
Hudson Pacific Properties, Inc. acquired the condominium rights for $86 million and plans to develop the 1.17-acre, full-block site at 1000 Olive Way in Seattle. The Los Angeles-based REIT envisions building a 16-story, 538,000-square-foot office tower in the booming Denny Triangle neighborhood. Hudson Pacific estimates total development costs, including the purchase price, in the range of $300-$350 million.
Hudson Pacific’s Andy Wattula says, “This project represents an opportunity for Hudson Pacific to deliver a world-class office tower that will complement and enhance the Washington State Convention Center Addition.”
The fully-entitled site at the intersection of Boren Avenue and Olive Way is adjacent to the 1.5-million-square-foot Washington State Convention Center (WSCC) Addition. Extensive predevelopment and design work were completed by the WSCC Addition’s development team, including Pine Street Group and LMN.
Hudson Pacific expects to commence construction as early as mid-2021, with delivery of tenant improvements in late 2022.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development
- ◦Sale/Acquisition
