March 10, 2010

Office lofts leased in Wards Cove

Lara Swimmer photograph courtesy of Wards Cove Packing Co. [enlarge]

All lofts have been leased in the renovated office building in Wards Cove, a mixed-use project on the northeast shore of Lake Union.

The developer, Wards Cove Packing Co., said tenants in the 12,500-square-foot project are Envirotecture, Shilshole Development, Dave Dykstra Architect Group, Lally Consulting, Shoreline Marine Engineer, SoundEarth Strategies and a sales center for The Enclave, a 21-unit residential project that's part of the complex. Most will move in April 1.

Office lease rates vary from $20 to $23.50 per square foot, plus expenses of approximately $8 per foot, according to a Wards Cove spokesperson. Dan Stutz and Jeff Tillman of CB Richard Ellis marketed the space.

Atelierjones and NBBJ are the architects, and GLY is the general contractor.

The office portion cost $8 million.

Recycled and sustainable materials were used to renovate the space, which was part of Wards Cove's salmon processing operation. Operable windows encourage natural ventilation and maximize interior daylighting. Among the other green factors are occupancy sensor lighting controls.

The five-acre development also has 12 houseboat slips and a 10-slip marina for yachts.

The overall project cost is $18 million, and construction cost $13 million, according to the developer. Construction began in the summer of 2007, and the first floating homes are to be completed this fall. Two of the houseboats are sold.

The office space has views of the lake and city skyline, a conference room with kitchen, a pier and fitness studio. Amenities are available to tenants as well as residents and their guests.

About 100 feet of the shoreline was restored to create a beach, which will be accessible to the public though privately owned.

The project has a green street. Wards Cove improved the drainage to slow stormwater runoff, and put in sidewalks, vegetation and park benches.

The Enclave is being developed separately by Seattle-based Trinity Real Estate. The first phase of nine units will sell for between $1.3 million and $2 million each. Trinity has reservations on four units, according to Mike Yukevich, managing partner.

He said Trinity is trying to secure construction financing now. Lenders want at least half the homes sold. “That's kind of the big issue right now,” he said.

Charter Construction is the general contractor.