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June 23, 2015

Community Health Plan is moving to 1111 Third

By JOURNAL STAFF

Courtesy Callahan Capital Properties [enlarge]

Community Health Plan of Washington is leasing six floors at 1111 Third Avenue in downtown Seattle.

Ivanhoe Cambridge and Callahan Capital Properties, which own the building, said Community Health Plan has leased 91,816 square feet. It is a long-term lease, but Ivanhoe Cambridge and Callahan declined to give terms of the lease.

The company will move from its current headquarters at 720 Olive Way in late 2016.

Larry Almeleh and Pat Pendergast of Washington Partners represented Community Health Plan, and Lisa Stewart and Jim Allison of Urbis Partners represented Ivanhoe Cambridge and Callahan Capital Properties.

Ivanhoe Cambridge and Callahan bought the 34-story, 572,500-square-foot building last November for nearly $220 million. They also acquired the adjacent Second & Spring office building for $60 million.

In September 2014, two months before the building sold, it was nearly 50 percent vacant, according to officespace.com. The Community Health Plan lease brings the building close to 80 percent leased.

The building has undergone an extensive renovation that includes an upgraded lobby and retail frontage, a new gym, new building systems, updated corridors, elevator lobbies and restrooms and a new entry to the adjacent Second & Spring building.

LMN Architects designed the renovation, and GLY Construction built it.




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