Daniels Real Estate and Stockbridge Capital Group are developing the city’s tallest skyscraper in two decades. Their massive $400 million project drew quite a bit of attention when first announced and is now set to get another run as it begins to fill its 43 floors with office and hospitality tenants.
The two companies handling the development process for the Phillipe Starck-designed high-rise recently announced that the SBE Entertainment-owned brand SLS will be opening its first Seattle location in the building.
The SLS Hotel Seattle will occupy floors two through 15 and offer guests 184 rooms from which to choose—all designed with its signature boutique style in mind. The hotel’s amenities will include 20,000 square feet of meeting space, a spa, a fitness facilities and 30,000 square feet of food and beverage outlets. Located at Fifth and Columbia in the city’s downtown area, the new skyscraper will begin construction during the fourth quarter of this year with a 2016 completion date in its sights.
According to Bloomberg Businessweek, Seattle’s hospitality market was among the frontrunners in the U.S., outpacing more established markets and recording increases in occupancy levels and nightly rates. Therefore, activity has ramped up in the sector, with brands such as SLS eager to get into the local market.
The skyscraper will also feature a generous offering of Class A office space, which in recent years has been the No. 1 driver of the Northwest’s real estate market. Massive office property sales in 2012, spurred on by a substantial growth in the number of available jobs in the area, have skyrocketed the city of Seattle to fourth position in office sales last year, trailing only the usual suspects of New York, Los Angeles and San Francisco. Amazon, Starbucks and Boeing have had a positive influence on the commercial real estate market, with further growth in sight.
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