Elliott Bay Office Park Receives Major Upgrade
Revitalizing the older property for modern tenants
Martin Selig Real Estate (MSRE) maintains equal pride in every building in its portfolio of properties. Whether the commercial real estate property is a 1980’s gem or a sustainable officer tower built for future generations, every investment decision or aesthetic choice offers value to the current or future tenant. MSRE manages the properties it owns; it’s a long-term strategy that makes MSRE one of Seattle’s most trusted landlords. So when the opportunity arrived to make major upgrades to its Elliott Bay Office Park property, MSRE went full steam ahead to transform the older building into a resource for modern office space.
MSRE is a full-spectrum real estate development and management company. Since 1958, MSRE has energized downtown and shaped Seattle’s skyline. Its portfolio of properties spans downtown to include business districts and neighborhoods such as Ballard, Lower Queen Anne, South Lake Union, the Financial District and Belltown. MSRE’s in-house team of leasing agents and building operations specialists work in tandem to provide the best leasing experience possible for tenants.
Built in 1980, Elliott Bay Office Park is one of MSRE’s premier legacy properties. The commercial building features unimpeded views of Elliott Bay, including docked cruise ships, the downtown Seattle skyline and Olympic Mountain range. The five-story building offers a total of 250 parking stalls and about 50,000 square feet of office space per floor. For years, Elliott Bay Office Park was the headquarters of Holland America Line.
After Carnival Cruises purchased Holland America Line, the consolidation of operations and personnel motivated the company to move to MSRE’s Third & Harrison property. The move created a major opportunity for MSRE’s in-house operations and building management team.
A Rare Opportunity for a Major Upgrade
Elliott Bay Office Park is located in an ideal waterfront location, just north of the city center. With a total of 250,000 square feet of office space, Holland America Line’s move left 120,000 square feet available for lease. Instead of seeking tenants to fill the space, MSRE chose to take advantage of the unique opportunity and begin a major upgrade to the building.
Elliott Bay Office Park was in good shape, but at over 30 years old, MSRE elected to update the building to support the needs of modern tenants. For Tom Brady, MSRE’s director of operations, the decision was a perfect example of MSRE’s long-term thought process. “This is one of the benefits of owning our buildings,” says Brady. “When we have the opportunity to upgrade a building, to perform a rare project of this magnitude, we have the freedom to take advantage of it. You don’t find that in other businesses.”
With 35 years of experience working for MSRE, Tom put together a wish list of tenant improvements that would literally re-energize Elliott Bay Office Park’s utilities systems, revitalize the interiors and create a modern office environment for future tenants:
Modern Elevators: The original ThyssenKrupp elevators were upgraded to a modern relay system. The updated elevators provide more power and use less energy each time employees zip from office to lobby and back.
Reinvented Interior infrastructure: Multiple walls came down. New staircases and an updated sprinkler system were installed. Tenants frequently prefer exposed ceilings, so out came the original ceilings. New amenities were added specifically for bike commuters. Across the Pacific Northwest, commuters with 8:00 a.m. conference calls love the idea of storing their bike in a secure bike locker at their office, then showering before the conference line rings. Elliott Bay Office Park offers modern amenities that tenants love. More importantly, the upgraded building adapts to lifestyle choices that matter to employees working in Seattle.
Reduced Energy Costs: An improved energy system was MSRE’s chief goal for the entire project. The Elliott Bay Office Park’s exterior brick walls were insulated at every level. Since the original mechanical system was 35 years old, the old heat pumps had to go. Next, the cooling tower was rebuilt with modern, energy-efficient components. Every aspect of the mechanical heating and cooling system was touched. Light fixtures are now state-of-the-art LED lights, the same tech used in MSRE’s brand-new developments. Sensors are incorporated into stairwells and public spaces.
A Renewed Focus on the View: One of Elliott Bay Office Park’s key features includes its unimpeded views. MSRE is building a 735 square foot rooftop deck that offers valuable new real estate to the building. Tenants can now take a step outside on the new deck and observe the best the Pacific Northwest has to offer.
MSRE is proud of the updates it has provided to one of the company’s favorite buildings. A little extra care goes a long way. To add an extra dose of love to the property, MSRE is installing a digital art exhibit in the building’s lobby. Developed by artist Catherine Mayer and the Catherine Mayer Foundation, the Ambient Art® installation is a multi-sensory experience that enages viewers as they observe the process of a painting coming to life. The Elliott Bay Office Park exhibit features a curated collection of local art projects crafted by talented youth across the Seattle area. Tenants passing through the lobby will get a glimpse of live images as they are crafted in real time on a digital screen by some of Seattle’s most creative young minds.
As of Fall 2019, the upgrades to Elliott Bay Office Park have entered the final phase and the next chapter in the building’s history is about to begin. With 30,981 square feet available for lease, opportunities remain for commercial businesses to take advantage of modern office space in a great location.
Need help with leasing options in Seattle? Contact leasing specialists at Martin Selig Real Estate.