LPC West and Intercontinental Real Estate sign ground lease deal for new office building in US

WCN Editorial Team 17 Sep 2021 NORTH AMERICA BUILDINGS

Lincoln Property Company’s West Coast arm LPC West and Intercontinental Real Estate have signed a long-term ground lease to construct a new 12-storey transit-oriented office building in Innovative University District in Seattle, Washington, the US.

The new 266,000ft2 University District Station Building will be located above the University District Light Rail Station, which will open later this year.

It will include Class A office space along with nearly 3,500ft2 of ground-floor retail space.

Scheduled to be completed in 2024, the building is situated just two blocks from the University of Washington and will provide bicycle access as well as nearby bus connections.

The UW vice president for external affairs Randy Hodgins said: “The University District Station Building is the next chapter in the University’s dedication to the neighborhood. “The building will integrate light rail in an exciting way, bringing hundreds of people into the heart of the district to visit the campus, patronize a variety of great businesses, or enjoy museums, live music and other performing arts venues.”

The University District Station Building will also have connectivity to the Seattle CBD and Seattle-Tacoma International Airport through direct underground access to the U District light rail station.

Intercontinental Real Estate Acquisitions senior director Jessica Levin said: “Coming off our recent completion of 400 University, we are excited to continue to grow our footprint in both the Seattle market as well as the University District.

“The University District Station Building provides an excellent opportunity to partner with LPC West to produce hundreds of union jobs while investing in one of the premier transit-oriented sites in the city.”

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University District Station Building will include Class A office space and approximately 3,500ft2 of retail space. Credit: Luis Ricardo Rivera from Pixabay.

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