Non-Profit Health Plan Leases Large Chunk of Downtown Office Tower
- Jun 23, 2015
Community Health Plan of Washington has just signed an agreement that will relocate the not-for-profit organization to 1111 Third Avenue, one of Seattle’s tallest skyscrapers. It will take over 16 percent of the building’s space when it moves from its current location late next year.
Owned by Ivanhoe Cambridge and its local partner, Callahan Capital Properties, the 34-story tower was acquired last fall along with the nearby Second & Spring building for a combined $280 million from Chicago-based Walton Street Capital.
The new tenant will be assuming 91,816 square feet of space on the six lower floors. The asset’s new owners acted quickly in attracting a new tenant to the building at a time when downtown Seattle’s office market could not be hotter. The owners worked with Urbis Partners, while Washington Partners represented the tenant.
The Class A office asset was substantially renovated before last year’s sale, with upgrades to the common areas, new building systems and an expansive new fitness center. Located in the city’s rapidly developing downtown core, the 572,500-square-foot tower offers tenants access to important transit lines and a wide array of shopping and dining options.