EQ Office has announced plans to reposition the US Bank Tower in Downtown Seattle. The project will be the largest of its kind in the market's downtown core, according to EQ Office, which acquired the building in June 2019 and started construction in February 2021. The project will be completed in early 2023.
EQ's vision for the project is to create a culture and environment that will attract workers back into the office, and support talent recruitment and retainment. According to Lisa Picard, EQ Office CEO, large companies are expecting a full return to the office, and many are looking for buildings that support the transition back into physical workspaces. EQ is partnering with SkB Architects and Blackstone on the project.
The repositioning includes a complete redevelopment of the building's first floor with several hospitality spaces that will engage guests. The project will include an open air central hall along Fifth Avenue known as Cedar Hall. The three-story space will house retailers and food experiences. EQ Office will also redesign the lobby and public amenity spaces and install local art to enhance the experience.
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This is not EQ Office's first time taking on a significant building repositioning. The firm completed similar projects at The Exchange in Seattle and Willis Tower in Chicago. In addition, the firm is committed to transforming Seattle's office properties with similar renovations planned for Docusign Tower at 999 Third and 800 Fifth.
The latest report from the VTS Office Demand Index shows that Seattle office leasing has already rebounded with demand 18.5% above its pre-pandemic numbers. It was one of just a handful of major metros to see a resurgence in demand this year—others include Chicago, Los Angeles, Washington, D.C., San Francisco—which helps support office projects like this.
While EQ Office is focused on redevelopment, there are also new ground-up projects underway. Last month, for example, Skanska is set to break ground on its newest office project, The Eight, next month in Bellevue, WA. The project represents the city's first speculative office building development within the past six years. The 25-floor, class-A office tower will comprise 540,000 square feet. The Eight will feature 7,000 square feet of open public space, 12,000 square feet of ground floor retail space and an additional 1,200-square-foot retail pavilion.
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Kelsi Maree Borland
