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720 Olive's now Eighth + Olive, and new owners Talon and Prudential plan to bring the '80s building into the 21st century, Talon director of asset management Jeff Rakow tells us. (First thing: get rid of those leg warmers.)  Eighth + Olive's got a prime location, at the convergence of the city's retail core, South Lake Union, and the residential density of Capitol Hill, with the transit hubs at Convention and Westlake stations thrown in for good measure, Jeff says (he's snapped looking out at the building, and he assures us he doesn't have three hands). But while location might be strong, that isn't enough in Seattle. The building has to meet the needs of the best and brightest generation of workers ever to come Downtown, so the new owners of Eighth + Olive are ponying up $10M for a revamp, besides the purchase price of $101M.  “Stayed tuned for details,” Jeff says. But the outline is in place: the building's going to have a lobby unlike any in an older Downtown office property, featuring flexible work space and retail. (Pictured is the current lobby, created only three years ago by Howard S Wright at the behest of Hines; the cycle of updates is shorter than it used to be.) Elsewhere, the new owners will add a fitness center and expanded bicycle storage and repair facilities. Talon's goals as a major investor Downtown, Jeff explains, “aren't magic. We're patient, long-term investors.” Little known fact about Jeff: After a computer science degree from Princeton, he did stints at several Silicon Valley software startups before turning to real estate. |
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The Rush to Revamp Eighth + Olive is just the latest to jump into renovation, since stodgy isn't going to cut it anymore in Seattle. Recently we asked for pictures of newly renovated spaces Downtown, and we're showing the best of them here; send more to dees.stribling@bisnow.com. 1201 Third Ave started its lobby renovation in May, building GM Jeff Myrter with Wright Runstad tells us. NBBJ designed the project to include new stone illuminated portals at the Third Ave main entrance and replacing the existing entry doors with new glass doors with additional glass above, which will bring more light into the lobby. The goal in the building interior, he adds, is to retain most of what has made the property special, such as wood paneled walls and rich metals.  No Seattle office building of the 2010s worth its salt is going to go without the highest of high-tech fitness centers. The newly revamped one at 1201 Third Ave includes, among other things, cardio equipment equipped with personal TVs and wall-mounted TRXs. Jeff says the next phase of the building's renovation will be refurnishing the Atrium.  No Seattle building's going to be without sophisticated bike facilities, either. Recent work at Century Square upgraded its bicycle haunts. JLL's Laura Ford, who's marketing the building, says that work is now underway on making the first-floor lobby and adjacent areas more inviting for workers to hang out and work (or drink coffee, which is mandatory in this town).  1800 Ninth is planning this rooftop deck. They're an up-and-coming amenity, at least when it isn't raining.  Office buildings aren't the only properties in the race to revamp. Another way to add pizzazz is with highly visible art, and recently Vulcan unveiled “Hampers” by Seattle artist Whiting Tennis at its Stack House Apartments and Supply Laundry Building development in South Lake Union. The work's bronze wicker baskets are a tribute to the laundry workers who formerly toiled at the site. |
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Seattle's Good for STEMSeattle's the No. 2 best place in the nation for STEM workers, according to a new survey by NerdWallet (an org with a name after our own hearts). They looked at annual mean wage for STEM jobs, factoring in the cost of living, and the number of STEM jobs as a percentage of all jobs in the area. Top of the heap was San Jose-Sunnyvale-Santa Clara, Calif., a.k.a Silicon Valley, but Seattle-Bellevue-Everett wasn't far behind with its massive aerospace, information tech, clean tech and life sciences industries. Greater DC, Houston, and San Francisco rounded out the top 5. |
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4th Bisnow Video By popular demand, Bisnow Education offers a 4th instructional video for those of you looking to make a killing in the real estate game: "How to Value Property." Peter Linneman, founder of the Wharton School's real estate program, shares his unparalleled knowledge on the topic, and such issues as:
All for just $59, but wait – there's more: Purchase all four Bisnow Education videos for the incredible price of $149 and we'll send you an exclusive Peter Linneman mouse pad! Just kidding. This isn't QVC—yet. Hey, watch a sample! Order yours here, and for group licenses, email Will Friend at will@bisnow.com. |
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