Commercial property

Schnitzer West launches Seattle-area office project

The Arcadian in Bellevue, Washington, looking east on 106th Avenue NE at the outer plaza, podium, and tower. Image courtesy of Schnitzer West

Schnitzer West plans to build a 19-story, 458,000 square foot office tower in downtown Bellevue, Washington, with approximately 5,000 square feet of retail space on the ground floor. The West Coast-based investment, development and property management company plans to begin construction in the third quarter and deliver the skyscraper in the last quarter of 2025.

Bellevue’s announcement comes days after Schnitzer West and barings announced the sale of Madison Center, a 760,971 square foot office tower located at 505 Madison St. in Seattle’s central business district to Boston Properties Inc. for $730 million. The transaction is the largest multi-tenant office sale in the United States so far this year, according to Kevin Shannon, co-head of US Capital Markets for Newmarkwho brokered the record sale of the Class A mixed-use office building developed by the partners in 2017.

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The Arcadian will be built at 120 106th Ave., NE, two blocks from the city’s Main Street and its dining, retail and residential hub. The property will be for tenants looking for Class A office space in the Bellevue CBD.

Erik Fagan, senior investment manager at Schnitzer West, said in a prepared statement that downtown Bellevue continues to show growing demand for modern office space with worker-friendly amenities and enhancing the workplace experience. . Fagan said The Arcadian will be the company’s sixth office project in the city’s commercial business district, giving it a total of 2.5 million square feet of office development in the area over a history of 25 years.

Building details

The Arcadian will have stunning views of Lake Washington, the Olympic and Cascade Mountains, and Mount Rainier. The downtown location will allow tenants to commute to work by car, bicycle, light rail, bus or on foot. The Arcadian will be within walking distance of public transit hubs, including the Bellevue Transit Center and the two downtown Bellevue light rail stations. On-site parking will also be available at the property, with an average of 2.5 parking spaces for every 1,000 square feet of space.

Facilities will include a fitness center with locker rooms, bicycle storage, private boardrooms, executive boardrooms and the company’s large signature room. The building is also designed with multiple outdoor terraces for tenants and visitors to enjoy the panoramic views and host meetings or other events. The Arcadian will have an open-air pedestrian plaza that will connect 106th and 107th streets.

NBBJ, an architectural firm, and interior design firm BAMO are designing the building, according to the Puget Sound Business Journal. The business journal also reported JLLMark Flippo, Sam Ziemba, Jake Bos and Lloyd Low market the office space.

Office building in Seattle

Low and Joe Gowan of JLL are also marketing another Schnitzer West office building in the Pacific Northwest. Interval on Mercer, which was announced in December, is a residential office complex to be developed on an entire city block adjacent to Mercer and Roy streets in Seattle. The Class A office building will consist of two eight-story buildings with an area of ​​approximately 430,000 square feet. Phase one is expected to be delivered in the second quarter of 2024 and phase two in the second quarter of 2025, according to JLL’s marketing brochure.

The property, located at the intersection of Seattle’s South Lake Union and Uptown neighborhoods, is aiming to achieve Living Building Challenge certification. As part of its commitment to sustainability, Interval on Mercer’s rooftop will capture rainwater and solar energy. The company will also prioritize the use of local and environmentally restorative materials throughout the site and remain carbon neutral to meet strict energy targets. Interval on Mercer will have a bike lounge with bike storage, charging and changing rooms. The site offers easy access to Interstate-90 and Interstate-5 and is a 5-minute walk from a bus station.