Tentative deal reached for Pacific Tower lease
The public authority that owns Beacon Hill’s Pacific Tower accepted a letter of intent from Washington state to lease 13 stories in the landmark building for 30 years, officials said.
Seattle Times business reporter
The public authority that owns Beacon Hill’s Pacific Tower has a tentative deal with Washington state to lease 13 stories in the landmark building for 30 years, officials said.
The Pacific Hospital Preservation and Development Authority’s governing council voted Tuesday to accept a letter of intent from the state Department of Commerce and begin a 90-day due diligence period.
Since last October, the authority has been seeking tenants for the iconic but mostly empty 274,010-square-foot Art Deco building at 1200 12th Ave. S. just above Interstate 90.
The Commerce Department would lease about 205,000 square feet of the Pacific Tower beginning Jan. 1, 2014. It plans to sublease up to six floors to Seattle Central Community College for its health-training programs. The rest would be subleased to non-profit agencies involved in health care and social services.
The only current tenant is Pacific Medical Centers, a non-profit clinical group that the authority spun off in 2003, which has clinics in the lower floors.
From 1998 to 2011, online retailer Amazon.com occupied about 190,000 square feet in the hospital before moving to its current headquarters in South Lake Union.
The Pacific Tower, once known as the Pacific Medical Center, was originally built in 1932 as a U.S. Marine Hospital to treat veterans, merchant seamen and the poor.
Sanjay Bhatt: 206-464-3103 or email@example.com On Twitter @sbhatt