Construction Update: New Developments at Federal Reserve Building and Third and Lenora Move Forward

Two new developments are expected to open later this year: the Federal Reserve Building and Third and Lenora

It sometimes seems like 2020 has occurred in slow motion. With the coronavirus came the halt of business as we knew it. At Martin Selig Real Estate (MSRE), we temporarily closed our offices, following protocol from the Washington state government. However, for industries deemed essential, life was flying at hyper speed. We are eternally grateful to the frontline workers who showed up and kept the country moving.

While most construction work paused, essential projects continued going up around us. Thanks to our amazing construction crew at Lease Crutcher Lewis (LCL), two new MSRE developments carried on: the Federal Reserve Building in downtown Seattle and Belltown’s Third and Lenora.

 

The Federal Reserve Building

Originally custom-built in 1950 to house one of 12 United States Federal Reserve Banks, this landmark building’s primary purpose was to disperse cash from the federal bank to private regional banks. The Federal Reserve Bank relocated in 2008 leaving a vacant property now known as the Federal Reserve Building.

MSRE purchased the building in 2016 and began redeveloping the property two years later. In 2018, renovations and upgrades to the interior of the building preserved the original marble and refreshed the landmark’s historic elegance. In 2019, we topped out the building with LCL and finished the curtain wall of the upper seven stories. This past month, we dismantled the crane.

 

What’s Next for FRB?

In just a few months, the Federal Reserve Building will be available for tenant improvements to begin. With over 200,000 square feet available, the building offers large floorplates for custom buildouts, ideal for one tenant or multiple tenants. As construction moves on, the building’s exterior will be freshened as the original stone exterior is reattached. Portions of the lobby built in 1950 will be reinstalled, preserving the building’s history and grandeur.

MSRE is incredibly excited to welcome office tenants to this one-of-a-kind space. But it’s the unique details we are most excited to offer. The underground bank vaults, preserved during construction, have potential like no other, such as a full-use fitness center or speakeasy only known to the select few. The 13^th floor rooftop deck offers panoramic views of the waterfront and city.

Located in Seattle’s Financial District, the Federal Reserve Building is surrounded by high-rise buildings, giving this historic building a completely urban setting. The original building is 70 years old but will feature sleek, modern design from floor to ceiling, uniting the old Seattle with the new.

 

Third and Lenora

Look to the sky and find one of our tallest properties yet at Third and Lenora. Our office tower in Belltown is just blocks away from waterfront attractions, Pike Place Market and Seattle’s retail core. Marking our first step into residential real estate, the building will hold 10 floors of Class-A office space, 24 floors of residential units and retail space on the first floor.

Designed by Perkins + Will, we began construction from the ground up in April 2017 with the dream of building sky high. We have 200,000 square feet of office space available, featuring floor to ceiling windows, 10’ ceiling heights and panoramic views of the city to Elliott Bay. Floors 9-11 have the ability to connect via an interstitial stairwell, perfect for a single tenant. Office tenants will also have access to an outdoor deck area on the 12^th floor.

The high-rise was topped out in late 2019, and its crane was dismantled shortly after. Since then, our crew at LCL has been hard at work completing the shell and core of the tower. Though construction paused briefly at the start of the stay-at-home-order, our project has remained on schedule and is still on track to begin tenant improvements in September 2020.

 

What’s Next for Third and Lenora?

As we finish the interior of Third and Lenora, high-touch design built to last for decades will be incorporated at every corner. Entire floors available for lease will be customizable blank slates.

We look forward to approval of Third and Lenora’s TCO in September of this year. Residential tenants can expect the apartment units to be available in November 2021.

The building boasts amazing views from every direction, from the Puget Sound to the Space Needle. Centrally located between commercial business district, South Lake Union, Lower Queen Anne and the new waterfront, Third and Lenora is perfectly positioned to take advantage of all that Seattle has to offer.

MSRE’s ambitious vision to shape Seattle’s skyline is two steps closer with the Federal Reserve Building and Third and Lenora, both becoming available by the year’s end. Collectively, we have over 400,000 square feet available for pre-leasing in these two properties alone.

 

If you’re interested in leasing from some of Seattle’s newest spaces, contact a leasing specialist today.