Madison Centre

Madison Centre
Madison Centre in October 2017
Location within downtown Seattle
Former names M5 Commerce Centre, 505 Madison
General information
Type Office
Location 920 5th Avenue, Seattle, Washington 98104
Coordinates 47°36′23″N 122°19′53″W / 47.606468°N 122.331282°W / 47.606468; -122.331282Coordinates: 47°36′23″N 122°19′53″W / 47.606468°N 122.331282°W / 47.606468; -122.331282
Construction started 2014
Opened October 2017
Cost $157,000,000[1]
Height
Roof 530 ft (160 m)
Top floor 37
Technical details
Floor count 37
Floor area 746,000 sq ft (69,300 m2)
Lifts/elevators 22
Design and construction
Architect NBBJ
Developer Schnitzer West
Structural engineer DCI Engineers
Main contractor Sellen Construction
Other information
Parking 480 spaces
Website
madisoncentre.com
References
[2][3]

Madison Centre (formerly known as M5 Commerce Centre and 505 Madison) is a 530-foot-tall (160 m) skyscraper in Downtown Seattle, Washington. It was completed in October 2017 and has 37 floors of office space totaling 746,000 square feet (69,300 m2) of gross leasable area.[4] It is the eleventh-tallest building in Seattle. It is located at the intersection of 5th Avenue and Madison Street in Downtown Seattle, adjacent to the Seattle Central Library and William Kenzo Nakamura United States Courthouse.[2]

History

Schnitzer West bought the existing property from the College Club of Seattle in 2007 and hoped to begin construction of a skyscraper as early as 2008.[5] In the meantime, however, the late-2000s recession struck the economy and consequently the fate of many commercial real estate projects came under doubt, including 505 Madison.[6] Further development of the project hinged on securing a sufficient number of preleases by 2009,[7] which did not occur.[8]

In 2012, the project was revived and the developer began seeking permits to start construction.[9] Demolition of the pre-existing buildings on the site began in early September 2014.[10]

In February 2016, Cornerstone Real Estate Advisers (now Barings) announced that it would enter a joint venture with Schnitzer West to develop Madison Centre. [11] Construction on the tower topped out in October 2016,[12] and the tower opened for occupancy in October 2017.[4]

The retail space facing Marion Street was leased to Amazon Go, the second store for the cashier-less convenience store. It opened on August 27, 2018.[13]

See also

References

  1. ↑ Rosenberg, Mike (March 10, 2017). "Record construction frenzy sweeps downtown Seattle; more building to come". The Seattle Times. Retrieved March 27, 2017.
  2. 1 2 "Schnitzer West, Madison Centre: Business Nexus". NBBJ. Retrieved May 16, 2016.
  3. ↑ Madison Centre at Emporis
  4. 1 2 Miller, Brian (October 23, 2017). "Madison Centre opens, with 70% of the office space still available". Seattle Daily Journal of Commerce. Retrieved October 24, 2017. (Subscription required (help)).
  5. ↑ James, Andrea (March 14, 2007). "More office space at College Club site". Seattle Post-Intelligencer. Retrieved March 29, 2012.
  6. ↑ Shevory, Kristina (October 21, 2008). "Even in Resilient Seattle, Office Vacancy Rate Is Rising". The New York Times. Retrieved March 29, 2012.
  7. ↑ Porter, Lynn (November 10, 2008). "Seattle commercial real estate players: 'We're not immune'". Seattle Daily Journal of Commerce. Retrieved March 29, 2012.
  8. ↑ Holden, Dominic (April 7, 2009). "Re: Boom Forever". SLOG. Retrieved March 29, 2012.
  9. ↑ Pryne, Eric (April 25, 2012). "Schnitzer West revives plan for 36-story office tower downtown". The Seattle Times. Retrieved March 29, 2012.
  10. ↑ Levy, Nat (August 22, 2014). "Schnitzer West getting ready to start Madison Centre". Seattle Daily Journal of Commerce. Retrieved July 7, 2016. (Subscription required (help)).
  11. ↑ "Cornerstone joins Madison Centre JV". Seattle Daily Journal of Commerce. February 17, 2016. Retrieved July 7, 2016.
  12. ↑ Mitanis, Marcus (October 6, 2016). "Two Highrise Office Projects Top Out in Seattle". Skyrise Cities. Retrieved November 6, 2017.
  13. ↑ Day, Matt (August 27, 2018). "Amazon has a second Go at cashierless convenience store in downtown Seattle". The Seattle Times. Retrieved August 27, 2018.
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