Amazon leases more space in Denny Triangle
Amazon.com has signed a 10-year lease for office space in the 11-story Metropolitan Park North and has permits to make tenant improvements in another Denny Triangle building, 1800 Ninth Avenue.
Seattle Times business reporter
Amazon.com has signed a 10-year lease for all the office space in the 11-story Metropolitan Park North in the Denny Triangle, county records show.
The lease adds about 140,000 square feet to the tech giant’s rapidly expanding footprint around South Lake Union.
Amazon is also close to signing a lease for all the available office space at Talon Private Capital’s 1800 Ninth Avenue, another Denny Triangle building, brokers said. About 165,000 square feet is available, according to data provider Officespace.com.
City records show Amazon got permits earlier this week to start making tenant improvements to the 16-story 1800 Ninth building: creating a reception area on the 11th floor, adding a cafeteria on the first floor and making electrical upgrades.
Office brokers said the deals are the latest sign of Amazon’s strong influence on the Seattle office market. The company has moved into more than 2.7 million square feet in South Lake Union and the Denny Triangle since spring 2010, brokers say.
“This is presumably another large block of space that gets them through the interim period until the new buildings on the new campus can be completed and ready for move in,” said Matt Christian, executive director of brokerage Cushman & Wakefield/Commerce in Seattle.
In January 2012, Amazon agreed to buy three Denny Triangle blocks from Seattle’s Clise family and unveiled plans for a 3.3 million-square-foot high-rise office complex, downtown’s biggest development ever.
Then last spring, San Francisco-based Spear Street Capital broke ground on 202 Westlake without a tenant. Amazon agreed to lease all 110,000 square feet of that building.
Now, Met Park North, known to longtime area residents as one of the “Twin Toasters”: The building, located across from the 235-room Marriott SpringHill Suites and next to the onramp to Interstate 5, houses a 24 Hour Fitness gym and is near the transit tunnel.
Spear Street, a real-estate investment company, bought Met Park North in March 2012 in a foreclosure sale and signed the lease with Amazon last month, county records show.
“It’s a home run for Spear Street,” Christian said. “They’ll presumably have that building for sale by year-end and have a strong return for a short hold.”
Spear Street did not respond to requests for comment.
Sanjay Bhatt: 206-464-3103 or firstname.lastname@example.org On Twitter @sbhatt