Hudson Pacific to Break Ground on Seattle Tower

Washington 1000. Image courtesy of Hudson Pacific Properties Inc.

After completing its previously announced $85.6 million site acquisition, Hudson Pacific Properties Inc. is now ready to start construction on Washington 1000, a 16-story office tower in downtown Seattle.

With an estimated cost between $340 million and $360 million, the project will include 546,000 square feet. Scheduled for completion by early 2024, the building will sit across the street from the 1.4 million-square-foot expansion of the Washington State Convention Center, also known as Summit.

Designed by LMN Architects and CallisonRTKL, Washington 1000 aims to achieve LEED Gold as well as Fitwel certifications, while implementing fully carbon-neutral operations. Situated on a 1.2-acre city block at 1000 Olive Way, the office development will offer 36,500-square-foot floorplates and 12,000 square feet of retail space on the ground floor.

The amenity-rich Washington 1000 will also feature a two-story lobby, an indoor-outdoor rooftop deck, two 5,000-square-foot outdoor terraces, bicycle storage, a dog park along with an end-of-trip facility outfitted with showers and lockers.

Construction activity across Seattle

As of March, more than 5.9 million square feet of office space was under construction in the Seattle metro, representing 4.1 percent of the overall stock, well above the 2.2 percent national average relative to total inventory, according to CommercialEdge data.

Upon completion, Washington 1000 will bring the Denny Triangle submarket’s Class A office footprint to 2 million square feet. Last December, Hudson Pacific Properties Inc. shelled out nearly $120 million for 5th & Bell, a 197,000-square-foot Class A office property in the same submarket. The six-story building is fully leased to Amazon.

Developers active in other sectors are also drawn to the area. Recently, BioMed Realty, a subdivision of Blackstone, acquired two adjacent sites in the South Lake Union/Denny Triangle neighborhood for nearly $127 million, with plans to develop a 616,000-square-foot life science property.