SEATTLE, WA-Though downtown Seattle’s office market is limping along, the Opus constructed buildings in master-planned Union Station are apparently still attractive.

Opus Center South, with 254,000-sf of Class A space, sold last week for $66.3 million to Seattle Union Station II LLC. The 11-story building completed in April was the third, and last, Union Station project of Bellevue-based Opus Northwest. According to Tom Parsons, Opus NW’s president, that building is fully leased (reportedly to

The person behind Seattle Union Station II LLC appears to be somewhat of a mystery. At least one news report has pointed to local billionaire Keith McCaw. However, Parsons, who is contractually prohibited from discussing the identity of the buyer, said that some reports have erred in their suppositions. He did not say which reports were wrong. was unable to obtain necessary records to identify the member/s of Seattle Union Station before deadline.

The sales price on Opus Center South translates to approximately $261/sf, or $5 below the $266/sf paid for its sister projects, Opus Centers East and West, by a similarly-named entity, Seattle Union Station LLC.

The sales of Opus’ buildings in the master-planned Union Station come in a market downturn. A CB Richard Ellis report this week pegs office vacancies in Seattle’s central business district at 9 % and in Pioneer Square at 12.62 %. Union Station is located just south of the CBD and a few blocks east of the square on the 600 block between Fifth and Fourth Avenues South. While Parsons did not comment on the tenant in OC South, he did say that approximately 150,000 sf are currently available for sublease in that building. Otherwise, all three buildings are fully leased, and have been since prior to construction.

Parsons says the genesis of Opus projects in Union Station, and the entirety of complex—master planned by Nitze Stagen—was “the tremendous demand in ’98 and ’99 for Class A office space in the periphery of downtown.” Parsons adds, “People were looking for large chunks of space—150,000 to 200,0000 sf—and there weren’t any. This was an opportunity, in bite-size pieces (referring to all the office buildings in the complex) to build close to 600,000 sf. The idea was to take advantage of the tremendous transportation hub in the area.” Opus’ three buildings and one by Paul Allen’s Vulcan Northwest bring the total square footage of Class A space in the complex to just over 1 million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.