A project billed as Seattle's first office-to-residential conversion since the pandemic is moving forward in Queen Anne, so says a news release by Cushman & Wakefield.
Stream Real Estate, a Seattle-based development firm, recently acquired a vacant office building at 201 Queen Anne Ave. N from East West Investment Company, Inc. for $7 million. While precise plans for the property have not been announced, the four-story, nearly 53,000-square-foot building is destined for a transformation into apartments.
“Queen Anne Plaza was an ideal prospect as a multifamily conversion for several factors,” said Cushman & Wakefield managing director Dan Chhan in a press release. “The building is fully vacant, allowing Stream Real Estate to more swiftly execute its transformation plan unencumbered by any existing tenants. The structure's ±13,000-sf floorplates and abundant natural light were also a draw as a multifamily candidate, as were its existing two levels of on-site parking. It also boasts a fantastic “main and main” location near the arena and abundant amenities, while its upper floors also offer great views of Elliott Bay and the Puget Sound.”
The four-story, nearly 53,000-square-foot building sits atop two levels of parking and approximately .33 acres of land. It sits a short walk from Climate Pledge Arena, the home of the Seattle Kraken and the Seattle Storm.
With a glut of office space and a dearth of housing, adaptive reuse of vacant buildings has been pitched as a way to tackle two problems at once in cities across the country. Seattle is no exception, with more than 25 percent of space estimated to be vacant citywide as of the third quarter of 2023, per Cushman & Wakefield data.
Other participants in the deal include Sam Wayne and Matt Kemper, who represented Stream Real Estate along with Chhan. Andrew Shultz and Brandon Burmeister, also of Cushman & Wakefield, represented the seller.
- Queen Anne (Urbanize Seattle)