LOS ANGELES--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (NYSE: HPP), a unique provider of end-to-end real estate solutions for dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries, today completed its previously announced acquisition of Washington 1000, a fully entitled, state-of-the-art office development site in Seattle, for $85.6 million before closing adjustments.
Hudson Pacific will commence construction of the office tower immediately with total project costs, including the purchase price, of $340 to $360 million and anticipated delivery in early 2024. Washington 1000 is centrally located at 1000 Olive Way within the Amazon-anchored Denny Triangle submarket directly adjacent to the $1.9 billion Washington State Convention Center Addition project, which is adding numerous retail amenities and streetscape improvements to the neighborhood. Hudson Pacific's new 546,000-square-foot, Class A tower brings its strategically assembled, premier office portfolio in Denny Triangle to nearly 2 million square feet.
Washington 1000 will be LEED Gold and Fitwel certified with 100% carbon neutral operations, enhanced HVAC filtration units and antimicrobial finishes at key touchpoints. Spacious 36,500-square-foot column-free floor plates optimize flexibility, while high ceilings maximize glass allowing for abundant natural light. The project has over 22,000 square feet of amenity-rich outdoor space, including an indoor-outdoor rooftop lounge and two 5,000-square-foot terraces off the second-floor main lobby, as well as a best-in-class end-of-trip facility. Project architects are LMN and Callison RKTL.
“Washington 1000, with its state-of the-art, highly amenitized, sustainable and healthy design, delivers exactly what today’s leading companies and their employees desire, uniquely positioning the project within the market for lease,” said Andy Wattula, Executive Vice President, Pacific Northwest for Hudson Pacific. “South Lake Union-Denny Triangle market fundamentals remain strong, and our existing portfolio there is over 99% leased, underscoring the continued appeal for tenants of high-quality assets in prime tech-anchored office markets.”
About Hudson Pacific Properties
Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit HudsonPacificProperties.com.
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