Ace Hardware to Move into the Securities Building Downtown

If you live in and around downtown, you’ll be thankful to hear that the city is finally getting a downtown hardware store. The Myers Group announced that they will be opening an Ace Hardware in the Securities building on 4th and Stewart in the first quarter of 2013. The store will be spread across 7,500 sf of retail space, catering to the ever growing population of city dwellers as well as businesses, creating a convenient place to grab your essentials such as hammers, fasteners and tools on the fly.

The Myers Group has said they’ve been looking for the right location for years, and they’re pleased a hardware store will now be able to assist the downtown population.  “The location adjacent to Bed, Bath & Beyond is a very complimentary fit for a hardware store and the Myers Group and Clise Properties were equally eager to make the terms of the lease work,” said Tom Graff, president of commercial at Ewing & Clark, who leased the space to the Myers Group. “When Richard Stevenson came to me to seek a quality retailer of the space, Tyler Myers was one of my first calls. His store will be a tremendous asset to the area and satisfy a steady request from downtown residential focus groups.” For more information and updates about the space, visit the Puget Sound Business Journal.

Amazon Releases Design Proposal for Denny Triangle

Amazon has released a few ideas for the design of their new downtown office complex in Denny Triangle, and they’re pulling out all the stops to create the perfect working environment. The design proposal includes a large conference room that seats 2000 people, has more than 3,000 underground parking spots and three high rise towers than cover over 3.3 million square feet. So much for a quiet opening. Amazon released these details in paperwork filed on Tuesday this week with city planners and a design review board that will discuss the proposal late next week.

But the design isn’t the only thing gaining attention from the paperwork; Amazon is also considering hosting several “public benefits” in hopes of gaining permission to dramatically transform the three blocks in the Denny Triangle area. This design meeting will launch the beginning of months of a permitting process, while giving Amazon the time and opportunity to present their design ideas to the public, and gain much sought out feedback.

Second & Seneca Building Sold at a Fraction of the Cost

The signature blue domed 2nd and Seneca building  in Downtown Seattle, has been sold for 19% less than what it cost five years ago. According to county records, A San Francisco based Real Estate investment company picked up the building from Tishman Speyer of New York for $186 million. Tishman had payed $230 million for the building in 2007, just around the peak of the commercial real estate boom. Washington Mutual had occupied roughly 16% of the building previously, and when they failed to make ends meet, the cost of rent went up and vacancies went way down.

The building’s value was once way lower than Tishman’s $175 mortgage, but they were able to modify the debt in 2010. Despite the low price tag, the sale was actually King county’s biggest real estate transaction since 1918 8th Ave. last August, another downtown office building sold for $350 million. At this time, the Second & Seneca building currently has vacancies available.

JCPenney Pulls out of Kress Building

When CEO Ron Johnson joined JC Penney’s in November, he wasted no time laying out a vision to transform the 1,100 store chain to include more specialty-shop areas, remodel the interiors, and other necessary changes. His plan also included a more suburban-oriented store strategy, and he plans to pull the plug on movement into the Kress Building downtown on Third & Pike, even though Penney’s had signed a  10 year lease in May sweeping two-third of the Building. Moving away from an Urban concept, Penney’s plans on focusing on their current store locations, and looking for a tenant to sublease the space. Elizabeth Best, Seattle Pacific Realty Broker who represents Penneys, said they’re looking for medium-priced apparel and home good chains to vacate the space to replace Penneys. Other tenants in the Kress Building include Starbucks, a Supermarket, and other eatery storefronts.

JC Penny Coming Back To Seattle

According to a recent article in the Seattle Times, JC Penny is coming back to Downtown Seattle.  Reports place the new store on 3rd and Pike.  JC Penny has not confirmed the reports but real estate sources confirm the news.  Click the link for more information.