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SEATTLE-With about a year to go before it opens, Northcut Landing, a 90,000-sf mixed-use development adjacent to the University of Washington and the University Village Shopping Center, is 50% leased. Developer Pete Olson says tenants have been signed for 70% of the office space and commitments have been for more than half of the retail space.

Located at 5001 Northwest 25th Avenue, the project will include 60,000 sf of office and 30,000 sf of retail in two, three-story buildings with underground parking for 250 vehicles. One building will front 25th Avenue and contain about 10,000 sf of retail and 20,000 sf of office. The second building will be set further back on the lot and include 40,000 sf of office and another 20,000 sf of retail.

Ground was broken for the project in the summer of 2005. More recently, Olson secured $22.5-million in construction financing through HomeStreet Capital. Completion of the $30-million project is slated for the fourth quarter of 2006. The architect for the project is Burgess Weaver and the general contractor is GLY Construction.

The office leasing broker, Tim Foster of Colliers International, tells GlobeSt.com that Northwest Hospital has leased 21,000 sf on the top floor of the west building and, in the east building, an unnamed tenant has leased 9,500 sf on the top floor and Countrywide Home Loans has leased 3,500 sf on the second floor. Lease rates for the office space started out at between $22- and $24 per sf per year, but high demand for the space has pushed asking rates to $26, says Foster.

Charles Staadecker of Staadecker Real Estate., which has the retail leasing assignment, tells GlobeSt.com that he has been inundated with retailers who are interested in being near University Village, which is one of the best performing community shopping centers in the state. There are leases under review for all of the front building and a portion of the rear building, says Staadecker. The asking rate is $32- to $45 per sf, depending on the building and the space, which is up from $28- to $32 per sf when the project was announced last December.

“We are having multiple offers on various spots,” he says. “It has been a question of picking the right retailers for a great co-tenancy.”

Northcut Landing marks Olson’s first mixed-use project in the Greater Seattle Area. Olson is also owner and principal in PBO Properties, a property-management firm specializing in multi-family, residential real estate.

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