SEATTLE-Capstone Partners and its partner, Stockbridge Capital Group plan to soon begin construction on Dexter Station, a 340,000-square-foot office building located at 1101 Dexter Ave. in Seattle. And while sources involved remain mum on the total construction cost, an unidentified source confirms to GlobeSt.com that it is just around $136 million.
Construction will start in February 1, with the building ready for occupancy in the first quarter of 2015. According to a prepared statement, Dexter Station will be the first speculative office development in the Puget Sound since 2008.
Capstone and Stockbridge formed a joint venture on the project in 2007 with plans to develop the site “when market conditions improved.” Stockbridge, headquartered in San Francisco with investments throughout the US, agreed with Capstone that the timing is right to create new office space at this site.
“We believe the location and market timing couldn't be better,'' says Stephen Pilch, managing director and COO of Stockbridge. “Seattle is currently one of the best office markets in the US.”
The building's location provides views of Lake Union and downtown Seattle, as well as access to an array of amenities, including retail shops, restaurants, outdoor recreation and new residential projects. The property is located minutes from Amazon's Seattle campus, the Bill & Melinda Gates Foundation, and South Lake Union Campus for both the University of Washington and Fred Hutchinson Cancer Research Center.
“Job growth in the tech and life science sectors, lack of available product, and tenant demand for space that cannot be met by a long and unpredictable build-to suit process, create the right dynamics for new office development in Lake Union,” says Mike Hubbard, principal of Capstone Partners.
Designed to meet the needs of a variety of office users, particularly those in technology and life sciences, the 10-story building will be LEED Silver. It will showcase large, flexible floor plates and feature state-of-the-art amenities. The steel-construction building will offer floor-plates from 24,500 to 53,000 square feet and 13.3-14- foot clear ceiling heights. Base electrical infrastructure, floor-by-floor mechanical system, and back-up generator capacity will accommodate a wide range of tenants and uses. Vibration ranges from 2,000- to 40,000 micro-inches per second also make the building appealing to biotech and life science research companies.
The project has been designed by LMN Architects and CPL; JTM Construction, with support from Prime Electric and Holaday Parks, will manage the construction. Jones Lang LaSalle has been retained to provide leasing services for the property. Stuart Williams, managing director, Laura Ford, SVP, and Joe Gowan, associate, will serve as the leasing brokers.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
