SEATTLE–(BUSINESS WIRE) – LPC West, the west coast arm of the national real estate company Lincoln Property Company, has signed a long-term lease agreement with plans to build a 12-story office building in the heart of Seattle’s university district (“U District”). , one of the liveliest and most dynamic innovation zones in the region.
Directly above the U District Light Rail Station, which is slated to open later this year, the 266,000 square foot University District Station Building will consist of Class A office space with approximately 3,500 square feet of retail space on the ground floor. The traffic-oriented building offers convenient bus connections nearby and a bicycle connection. The property is located just two blocks from the University of Washington in a rapidly growing region that is being driven by the growth of leading technology and life sciences companies. Completion of the building is planned for 2024.
“The University District station building will be a prime building in a thriving neighborhood,” said JP Harlow, senior vice president of LPC West. “We are very excited to strengthen our relationship with the University of Washington, one of the world’s leading research universities, and to support the positive dynamic of this neighborhood.”
The University District station building will have large floor slabs and unobstructed views of Mt. Rainier, Lake Union and the Olympic Mountains. The property will also offer extensive transportation links, with connections to the Seattle CBD and Seattle-Tacoma International Airport via a direct subway link to the subway district light rail station, which opens this fall, as well as other regional transportation links that are available by bus.
“With our recent completion of 400 universities, we are excited to expand our presence in both the Seattle market and the university district,” said Jessica Levin, Senior Director Acquisitions, Intercontinental. “The University District train station building is an excellent opportunity to work with LPC West to create hundreds of union jobs while investing in one of the city’s premier transport locations.”
The UW trains more than 60,000 students at its three locations and has received more federal research funding since 1972 than any other public university in the United States.
“The University District train station building is the next chapter in the university’s commitment to the neighborhood,” said Randy Hodgins, UW vice president of foreign affairs. “The building will integrate light rail in an exciting way, bringing hundreds of people into the heart of the district to visit campus, support a variety of great businesses, or enjoy museums, live music, and other performing arts venues.”
Seattle is the 15th largest metropolitan area in the country and has seen rapid economic growth driven by dynamic regional-headquartered companies such as Amazon, Microsoft, and Starbucks, as well as smaller tech and biotech companies.
The University District is a thriving neighborhood that is home to a significant portion of college dormitories, cafes, historical performance venues, and other amenities, including the university bookstore. After a major zoning overhaul in 2017, the U District supported increased density, with several new towers under construction. Other investments by the university include a new life sciences building, the Bill & Melinda Gates Center for Computer Science & Engineering, and a new public health building, as well as new parks and residential buildings.
About Lincoln Property Company
Lincoln Property Company manages and leases over 403 million square feet of office, industrial, and retail projects and currently manages over 212,000 apartment buildings. Over the past 15 years, Lincoln has had acquisitions and developments totaling 15 billion. In the Pacific Northwest, LPC West currently owns and operates approximately 6 million square feet. Its properties span a variety of markets including Seattle and Bellevue and the surrounding area. The PNW has a robust pipeline of over 1 million square feet of office development and over 1,000 apartment buildings under construction and planning. Enter www.lpcwest.com for more informations.
About Intercontinental Real Estate Corporation https://interkontinental.net/
Intercontinental Real Estate Corporation is an SEC registered investment advisor with decades of experience in real estate investing, financing, development, construction management and asset management. Since 1959, Intercontinental and its subsidiaries have managed, developed, or owned over $ 14 billion worth of real estate. Today Intercontinental manages a real estate portfolio of around 10 billion US dollars for its customers. Intercontinental’s portfolio is diversified in terms of both a robust real estate mix and geographical factors. Fund strategies actively seek opportunities to invest in both core and core plus real estate, as well as value-add corporate real estate and development projects.