US Financial institution Tower Revitalization May Rework Downtown Seattle

EQ Properties has announced that it will reposition the US Bank Tower in downtown Seattle. The project will be the largest of its kind in the downtown core of the market, according to EQ Properties, which acquired the building in June 2019 and started construction in February 2021. The project will be completed in early 2023.

EQ’s vision for the project is to create a culture and environment that will bring employees back to the office and support talent recruitment and retention. According to Lisa Picard, CEO of EQ Office, large companies are expecting a full return to the office and many are looking for buildings that support the transition back to physical workspaces. EQ is working with SkB Architects and Blackstone on this project.

The repositioning includes a complete redesign of the first floor of the building with several restaurants that will delight guests. The project will include a central open air hall along Fifth Avenue known as Cedar Hall. The three story space will host retailers and food experiences. EQ Properties will also redesign the lobby and public areas and install local art to enhance the experience.

This is not the first time EQ Properties has made a significant building repositioning. The company carried out similar projects at The Exchange in Seattle and Willis Tower in Chicago. In addition, the company is involved in redesigning the office properties in Seattle, with similar renovations planned for the Docusign Tower in 999 Third and 800 Fifth.

The newest report from the VTS Office Demand Index shows that Seattle office rentals have already recovered with demand 18.5% above pre-pandemic numbers. It was one of the few major subways to see a pickup in demand this year – others are Chicago, Los Angeles, Washington, DC, San Francisco – to support office projects like this one.

While EQ Properties is focused on redevelopment, new base projects are also underway. For example, last month Skanska was up breakthrough about his newest office project, The Eight, in Bellevue, WA next month. The project is the city’s first speculative office building development in the past six years. The 25-story class A office tower will cover 540,000 square meters. The Eight will have 7,000 square feet of open public space, 12,000 square feet of retail space on the ground floor, and an additional 1,200 square feet of retail pavilion.