{"id":28035,"date":"2020-06-10T08:59:11","date_gmt":"2020-06-10T05:59:11","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=28035"},"modified":"2025-03-25T14:40:28","modified_gmt":"2025-03-25T11:40:28","slug":"wright-runstad-breaks-ground-400university-rainier-square","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/wright-runstad-breaks-ground-400university-rainier-square\/","title":{"rendered":"Wright Runstad Breaks Ground on Final Piece of Rainier Square"},"content":{"rendered":"<p>Nearly <a href=\"https:\/\/www.commercialcafe.com\/blog\/amazon-seattle-expansion-rainier-square-tower\/\" target=\"_blank\" rel=\"noopener noreferrer\">three years into the project<\/a>, Wright Runstad has broken ground on the final element of its massive, 1.2-million-square-foot Rainier Square mixed-use development \u2014 the 10-story component at University St. and Fourth Ave., the southwest corner of the Rainier Square block.<\/p>\n<p>The \u201c400 University @ Rainier Square\u201d project was <a href=\"https:\/\/www.bizjournals.com\/seattle\/news\/2019\/10\/31\/rainier-square-hotel-tower-will-be-office-space.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">initially<\/a> planned as a hotel, but now it will bring 110,000 square feet of <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/wa\/seattle\/seattle-central-business-district\/\" target=\"_blank\" rel=\"noopener noreferrer\">office space in Seattle\u2019s central business district<\/a> instead. The speculative project will also include 12,000 square feet of retail and lounge space below the office floors, as well as:<\/p>\n<div id=\"attachment_28042\" style=\"width: 250px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Rainier-Tower-Seattle-WA.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-28042\" class=\"wp-image-28042 size-medium\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/YM_Rainier-Tower-Seattle-WA-240x300.jpg\" alt=\"Rainier Tower, Seattle office space\" width=\"240\" height=\"300\" \/><\/a><p id=\"caption-attachment-28042\" class=\"wp-caption-text\"><em>Rainier Tower, 1301 5th Avenue, Seattle, WA <\/em><\/p><\/div>\n<ul>\n<li>a subgrade mezzanine level<\/li>\n<li>third-floor terrace<\/li>\n<li>bike storage<\/li>\n<li>locker rooms with showers<\/li>\n<li>dedicated tenant parking<\/li>\n<li>a 6,000-square-foot rooftop deck<\/li>\n<li>an underground concourse that connects to the Washington Athletic Club, Seattle Hilton, Union Square, and the Washington State Convention Center<\/li>\n<\/ul>\n<p>Completion of 400 University @ Rainier Square is scheduled for July 2021. The contractor on the project is BNBuilders, while NBBJ is the designer and a Colliers International team will spearhead leasing. Office tenants in the building will have access to the many amenities that Rainier Square has to offer, including an Equinox fitness club, the PCC Community Markets flagship store at the base of Rainier Square, the Grand Hall, and 16,000 square feet of additional outdoor space.<\/p>\n<p>The developer expressed confidence in the market\u2019s resilience beyond the temporary COVID-19 situation. Company President, Greg Johnson, noted the block\u2019s importance in stimulating this last phase of its development. Specifically, 400 University is located next to the 58-story Rainier Square, which is leased to Amazon \u2014 although the e-commerce juggernaut actually chose not to occupy the space.<\/p>\n<p>According to the <a href=\"https:\/\/www.bizjournals.com\/seattle\/news\/2020\/05\/27\/rainier-square-hotel-tower-will-be-office-space.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><em>Puget Sound Business Journal<\/em><\/a>, Johnson said, \u201cAmazon has been successful in subleasing a portion of that and have a lot of interest on the rest, so we\u2019re certainly encouraged there,\u201d referring to Bank of America having subleased 16% of Amazon\u2019s 720,000 square feet of <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/wa\/seattle\/downtown-seattle\/\" target=\"_blank\" rel=\"noopener noreferrer\">downtown Seattle office space for lease<\/a>.<\/p>\n<p>Johnson also commented on the fact that big tech companies are a boon for the Emerald City market in this time of uncertainty.\u00a0\u201cData security is super important to those types of companies,\u201d he said, \u201cand, in many cases, you just can\u2019t get that at home. Those employers are very interested in getting back to the office as quickly as they can.\u201d<\/p>\n<p>Because of the sheer difference in size, smaller firms would be better equipped to move operations home and put their office spaces back on the market. However, Johnson is quite confident that the office sector will remain at least as well-performing as it was prior to COVID-19, and that developers and landlords could benefit from flexibility.<\/p>\n<p>On working with a prospective tenant for a caf\u00e9 wine bar at the base of Rainier Square, he said, \u201cWe\u2019re looking at those plans saying, \u2018Gosh, if we made adjustments, they\u2019re going to be not only compliant with rules, but attractive to people that might want to use it.\u2019 It\u2019s simple stuff around social distancing.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p><em>Property images courtesy of Yardi Matrix.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The developer expressed confidence in the market\u2019s resilience beyond the temporary COVID-19 situation. Company President, Greg Johnson, noted the block\u2019s importance in stimulating this last phase of its development.<\/p>\n","protected":false},"author":48,"featured_media":28044,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,39],"tags":[],"class_list":["post-28035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Final Phase of Rainier Square Breaks Ground | CommercialCafe<\/title>\n<meta name=\"description\" content=\"Completion of 400 University @ Rainier Square is scheduled for July 2021. 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