One of the first developers to begin transforming historicbuildings into modern offices was Nitze-Stagen. In 1997, theSeattle property management firm renovated the Merrill Building at411 First Ave. S. Since, its rents have jumped from near $17/sf tothe mid-$30s. Now things are picking up. Seattle developer MartinSmith Real Estate is participating significantly in projectsanticipated to add approximately 1.5 million sf of office spaceinto Pioneer Square over the next few years. Most recently, theSeattle developer retrofitted the 90-year-old Provident Building at568 First Ave. S. for office space, which will be occupied byAcadio.com when tenant improvements are completed this month.

Another upcoming renovation is the Washington Shoe Buildingbuilt in 1890 at the corner of First Ave. South and South JacksonSt. When upgrades are complete, including fiber optics, elevators,new heating and air conditioning, the refurbished building willcontain 63,000 sf of Class A office space, ground-level retailstores and underground parking.