Skanska Rolls Out 400 Fairview Development Project with Brand-New Anchor Tenant
- Oct 22, 2013
One of the most active foreign developers in the bustling Seattle market in recent years has undeniably been Stockholm-based Skanska. Operating through subsidiary Skanska USA, it now has a new investment going in the city. The company has announced a $150 million investment in a new office and retail development project in the meteoric South Lake Union neighborhood, one of the primary engines for growth in the Seattle real estate market.
The project will be developed between now and the fourth quarter of 2015, and will offer around 337,000 square feet of space. The new building will stand 13 stories tall on a plot of land located at 400 Fairview Ave. North and will offer around 320,000 square feet of office space, with the rest set for retail.
Skanska USA has a policy of developing LEED-certified properties in the Pacific Northwest, one of the country’s hotbeds of eco-friendly construction. The project in question will look for at least LEED Gold certification from the U.S. Green Building Council. The property will need to achieve a minimum 25 percent reduction in energy use and 40 percent reduction in potable water use, while the development process will fit the building with chilled beams for heating and cooling, achieving 30 percent less energy for HVAC compared to regular office assets.
Skanska USA has already secured a leasing agreement for the upcoming property with clothing and lifestyle retailer Tommy Bahama, who will act as the anchor tenant. The company is set to move its headquarters from 428 Westlake Ave. N., where it holds 78,000 square feet, and will take on approximately 118,000 square feet of space, the Puget Sound Business Journal revealed.
Rendering courtesy of usa.skanska.com