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Wright Runstad & Company and Intercontinental Real Estate Corporation Break Ground on 10-Story Seattle Tower Project

6/04/20

In the latest development news out of Seattle, Wright Runstad & Company, in partnership with Intercontinental Real Estate Corporation, has broken ground on 400 University @ Rainier Square, a 10-story, 122k sf Class A “jewel box” office project. The building is located at the southwest corner of the Rainier Square block at University St and Fourth Ave in the city’s downtown.

400 University @ Rainier Square will include 110k sf of office space on top of 12k sf of street level restaurant and lounge space. Other features include a subgrade mezzanine level, a 6k sf rooftop deck and third-floor terrace. The property has exclusive bike storage, locker rooms with showers and dedicated tenant parking.

An underground concourse connects the project to the Washington Athletic Club, Seattle Hilton, Union Square, and the Washington State Convention Center. It is also located one block from the University Street Link Light Rail Station with immediate access to major bus lines.

With its efficient 11.5k sf floor plates, 400 University offers the benefits of a smaller, secure and more easily controlled environment. Office tenants of 400 University @ Rainier Square also will benefit from the full array of Rainier Square amenities, which will include an Equinox fitness club, PCC Urban market, the Grand Hall, as well as 16k sf of additional outdoor space.

Intercontinental, which has been an active multifamily investor in Seattle since 2013, looks to build a significant office portfolio in the market. Intercontinental made its first Seattle office investment in December 2019 with the $157 mil acquisition of Roosevelt Commons, a Class A office complex in the University of Washington’s Innovation District. 400 University @ Rainier Square increases Intercontinental’s portfolio in the Pacific Northwest to more than 2,000 multifamily units and more than 400k sf of commercial office space.

“The site’s ideal location initially attracted us to the opportunity,” said Jessica Levin, Intercontinental’s Senior Director, Acquisitions. “400 University’s proximity to public transportation options and an array of amenities within the Rainier Square development and the immediate neighborhood make the site one of the top locations in Downtown Seattle. Our investment in 400 University represents our commitment to Seattle and our belief that Seattle’s dynamic and innovative economy is well positioned for long-term growth.”

When delivered in July 2021, the NBBJ-designed 400 University @ Rainier Square will complete Rainier Square, a 1.2 msf mixed-use project being developed by Wright Runstad. Encompassing an entire city block on the University of Washington’s historic Metropolitan Tract, Rainier Square is being built around the University’s iconic 41-story Rainier Tower.

The project’s centerpiece is Rainier Square, a 58-story, 1.1 msf tower developed and owned by Wright Runstad in a separate venture. The distinctive sloping glass tower, designed by NBBJ, will include 720k sf of office space, more than 80k sf of retail, and 191 luxury apartments and amenities on the top 18 floors. When completed in late 2020, Rainier Square will be the second tallest structure in Seattle.

Eastdil Secured led by managing directors Jeffrey Weber and Jason Flynn in the firm’s San Francisco office arranged and structured the joint venture partnership. Greg Inglin and David Abbott of Colliers International are handling office leasing at the new project.




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