Amazon to Slow Down 6 Projects in Bellevue (PSBJ): The company will reevaluate the design of its workspaces, given the persistent trend of technology and other office workers preferring to work from home, even as pandemic concerns fade. One tower is being put on hold, while the shell-and-core work on the other five will be completed. Amazon said it still plans to hire in Bellevue, with its goal of more than 25,000 employees based in the city. It's currently at nearly 10,000 employees in Bellevue, up from 450 in 2017.
Seattle Bouldering Project signs lease for vacant historic bank building in the U District (PSBJ): The climbing gym has signed a long-term lease for 24,000 square feet of space in the former Wells Fargo bank branch building. Hunters Capital bought the building last year for $3.75 million.
PSBJ
Touchstone & Portman Holdings Break Ground on Office Building in Seattle’s University District (The Registry): Touchstone and Portman Holdings recently broke ground on one building, with a second coming soon. At 4530 12th Ave NE, the ‘Chapter Building I’ features 12 stories and 240,000 sq. ft. of state-of-the-art Class-A office space and 9,000 sq. ft. of ground-level retail. Chapter Building I includes a mid-block pedestrian connection and public open space called the ‘Brooklyn Cut’. ‘Chapter Building II,’ (154,000 sq. ft.) features 10-stories of Class-A life science, R&D and office space and 4,000 sq. ft. of ground-level retail. The new development is located within one block of Sound Transit’s future Link Light Rail Station, which opened in fall 2021. Both buildings are expected to deliver in early 2024.
Touchstone
PEG acquires Homewood Suites for Residential Conversion (PSBJ): PEG last month purchased the 8-story hotel for $60 million, and this week, the developer filed paperwork to turn the 160,000-square-foot hotel at at 1011 Pike St. into a 183-unit apartment building, with ground-floor retail space and 120 parking spaces.
