We’ve sold our first Seattle development project

Brooks Sports is thrilled with the new headquarters we provided them.

Skanska has sold Stone34, our first Seattle commercial development project, to a joint venture between Unico Properties and Laird Norton Properties for approximately $70 million. Also, our second Seattle development project is now half leased, thanks to a recent deal.

With Stone34, USA Commercial Development first secured the opportunity at 3400 Stone Way in 2011, and self-financed 100 percent of the development costs. Completed in summer 2014, the 130,000 square-foot mixed-use building is now the new world headquarters for Brooks Sports and the first project built to the standards of the City of Seattle’s Deep Green Pilot Program, which requires 75 percent energy and water savings.

“Stone34 is a positive symptom of change in the Seattle-area development market — paving the way for greener and more community-oriented commercial buildings,” said Lisa Picard, Skanska executive vice president.

By listening to Brooks during their headquarters search, our Seattle Commercial Development team understood that to be successful, Brooks had to focus on its customer, the runner. Our team responded in part by situating the building along one of Seattle’s most popular multi-use trails, enabling Brooks to craft a new trailhead and stronger relationship with those who engage on many levels with the company. On the ground floor, Brooks’ first-ever retail location connects those creating the gear upstairs with customers using it.

Stone34 goes beyond creating a building and a location to hold the culture of the company. Being environmentally and socially responsible is important to Brooks, so our team - including USA Building - delivered a building that creates brand value for Brooks while helping the company manage energy risk in the future. For example, the centerpiece of the building’s facade is a glass-enclosed staircase to encourage walking between the five floors, rather than riding elevators – reinforcing the activity and movement inherent in the Brooks brand.

In keeping with Skanska’s business model, we’ll invest part of our earnings from this sale in our most promising development opportunities globally, whether in commercial, infrastructure or residential development. This creates future construction work for us.

Significant lease signing

Which company will be next to move their headquarters to 400 Fairview?

With our 14-story 400 Fairview office development, RFID solution provider Impinj has leased 52,000 square feet of the 337,000-square-foot building for its headquarters.

Impinj chose 400 Fairview for many reasons, including amenities like its distinctive ground-floor experience, designed to capture the spirit of small-scale retail found in Seattle’s favorite neighborhoods. The building also offers large open-plan floors and several rooftop deck spaces – all within walking distance to transit, parks and the downtown core.

“We’re thrilled to find a new home for our growing business,” said Evan Fein, CFO at Impinj. “This building and location will allow us to attract top talent and increase productivity and collaboration. Skanska’s eye for quality and attention to the customer’s vision sets its buildings apart in the Seattle market.”

Impinj is the second company to be moving its headquarters to 400 Fairview: clothing and home furnishings brand Tommy Bahama has leased 120,000 square feet. We expect to complete this project in the third quarter of 2015.

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