March 8, 2016

Saltchuk is moving to Pioneer Square project

Courtesy Hudson Pacific Properties [enlarge]

Saltchuk Resources, a group of transportation and distribution companies, will lease 55 percent of an eight-story office building at 450 Alaskan Way S. that Hudson Pacific Properties is developing.

Saltchuk will take 91,357 square feet in the 167,000-square foot Pioneer Square project, according to a press release from Hudson Pacific. Saltchuk's offices now are in South Lake Union, but the new space will accommodate future growth.

Demolition has started on a parking garage at the site. The new building is set to open in the fourth quarter of 2017.

NBBJ designed the $93 million project, GLY Construction is the general contractor and Coughlin Porter Lundeen is structural engineer. David Abbott and Laura Ford of Colliers International are the office brokers.

Hudson Pacific owns a collection of six other buildings adjacent to 450 Alaskan totaling 665,376 square feet that the firm has named King Street Crossing.

The 450 Alaskan site was included in Hudson Pacific's purchase of Merrill Place for $57.7 million in 2014. The building is now called 411 First and is the home of Hudson Pacific's Seattle office.

The 450 Alaskan project is Hudson Pacific's first new development in Seattle. The firm typically prefers to buy and renovate buildings, but Hudson Pacific saw potential in the 450 Alaskan site on the southwest corner of the property.

Saltchuk is one of the largest privately held companies in the state, with more than 6,000 employees throughout North America and the Caribbean, according to its website. Companies under its umbrella represent six lines of business: Foss Maritime Co., marine resources; Northern Aviation Services, air cargo; Tote, domestic shipping and logistics; Tropical Shipping, international shipping and logistics; North Star Petroleum, fuel distribution; and Interstate Distributor Co., trucking.