Seattle’s a billion-dollar intersection, where Fifth Avenue and Madison Street intersect, because of its most recent commercial development. This area is home to one of the area’s two newest office towers, Madison Centre, which will be on the southeast corner of the intersection.
This 36 story tower is the latest of new office towers designed to give tenants leverage in recruiting the very best talent for their businesses. Employers are willing to pay top dollar for this competitive advantage, so it’s no surprise that real estate developers are sparing no expense.
Schnitzer West, a Seattle-based firm, is developing Madison Centre with joint venture partner Cornerstone Real estate Advisors to the tune of about $430 million based on industry standards. This multi-tenant tower is a rarity in Seattle with only Amazon, F5 Networks and WeWork/WeLive taking up most of the new office space in Seattle’s prime office towers.
Approximately 30% of Madison Centre has already been leased to companies such as the law firm of Davis Wright Tremaine, EY Society and Textio taking almost 10 floors.
The buildings opulence is clearly seen in the three-story glass rotunda with a grand curving staircase. The lobby features over 5000 ft.² of natural light with a black granite fireplace in the center of the room. 40-foot tall walls of plants take up one side of the lobby with different shades of plants creating a mosaic-like water feature. The building’s elevators move a 1200 ft./m, which means that passengers can go from the lobby to the rooftop in under 24 seconds. Jeff Harmer, Schnitzer’s director of investment and development says that that is the fastest elevator currently available. The rooftop deck features 15-foot tall glass walls offering views of Elliott Bay, the Seattle skyline, and the mountains. In addition to the deck and rotunda, office spaces feature quiet rooms, a fitness and wellness center, conference rooms and communal workspaces.
Schnitzer West has put their heart and soul into this building even though they’ve created two other office buildings in the area selling for record prices in South Lake Union and downtown Bellevue. Current asking rates are from the mid-$30 to $40 per square foot annually, plus expenses, which can result in the rates escalating to more than $50 a square foot. This will be Schnitzer’s last development in their three building cycle but will continue seeking other development sites in Seattle and Bellevue, as well as in the suburbs.
For more information on Seattle’s newest office building, condos or other real estate questions, please contact me today. Success in this competitive market requires the advice and assistance of a qualified, experienced real estate professional.