May 27, 2020
Wright Runstad & Co. plans to commence construction next week on 400 University, a 10-story office building at Seattle’s Rainier Square. The 110,000-square-foot Class A jewel box building at the corner of Fourth and University was originally planned as a hotel, but the developer elected to shift uses given the demand for office space in downtown Seattle.
The new building will be built next to the Amazon-leased 58-story Rainier Square, which the ecommerce giant plans to sublease out, with Bank of America already taking some of the space. The 1.2-million-square-foot Rainier Square project is slated to open early next year, and 400 University is anticipated to deliver in July 2021.
Tech tenants typically seek higher data security than can be achieved with remote workers in the COVID-19 era. Wright Runstad’s Greg Johnson told the Puget Sound Business Journal, “…employers are very interested in getting back to the office as quickly as they can…My personal belief is that we’re going to end up with about the same amount of total space as there is now.”
Colliers International’s David Abbott and Greg Inglin are handling 400 University’s leasing assignment.
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