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SEATTLE-Estavros Anastasiou is seeking approvals to develop a second office building on Leary Way between the Fremont and Ballard neighborhoods.

A developer of more than one million sf, Anastasiou Development is seeking a Shoreline Substantial Development Permit for a three-story, 55,000-sf office building with underground parking at 3623 Leary Way Northwest, just down the road from a 70,000-sf building the firm developed last year and leased to the local nonprofit PATH (Program for Appropriate Technology in Health).

“If somehow I run into a tenant interested in being only in this area, there’s not a lot of competition,” Anastasiou tells GlobeSt.com, explaining that PATH was already located in the area and inquired about the project just as construction was being completed. “Otherwise, I’m competing with the Lake Union area, which is more expensive.”

As for his latest Leary Way project, Anastasiou says a groundbreaking on the project is dependent on how the market looks when the necessary permits are in hand, which may not be until next year. “I don’t have a problem developing something speculatively, but the market isn’t that great right now,” he tells GlobeSt.com. “When the time comes we’ll do a market study and then decide.”

The site totals about 20,000 sf. The project will cost about $100 per sf to construct, says Anastasiou, not including development fees and the cost of the land.

Asked about other projects he’s developed recently, Anastasiou says he’s just completed a 50,000-sf office building in Kirkland, Wash., for which he is in negotiations with an anchor tenant, and is now in the throes of developing a mixed-use project in Duvall, Wash. that includes 35,000 sf of commercial space and 100 town homes.

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