January 25, 2021

400 University tower tops out at Rainier Square

Photo by Brian Miller [enlarge]

Officially called 400 University @ Rainier Square, the new building is flanked by the new Rainier Square tower and original 1976 Rainier Tower.

BNBuilders has topped out on the 10-story 400 University St. office tower at Rainier Square.

Above-ground work officially began in the spring of last year, though all the foundations and underground parking were by then completed for the neighboring new 59-story Rainier Square tower. A hotel was originally planned as a smaller companion on the corner of Fourth Avenue; then the program flipped of offices.

Wright Runstad is the developer, with financial partner Intercontinental Real Estate. NBBJ is the architect. Greg Inglin and David Abbott at Colliers are marketing the approximately 110,000 square feet of offices over retail. There will also be a 6,000-square-foot roof deck. Broderick Group's fourth quarter office report says the offices are still unclaimed.

Meanwhile, the new Rainier Square tower is looking increasingly finished and ready for the public. The sidewalk landscaping is in, and the retail bays are nearly ready for tenants. (Real Retail is the leasing agent for all of Rainier Square.) Signage on Union Street now points to the escalator that'll lead up to a 20,000-square-foot PCC Community Market. That company hasn't yet announced an opening date. An Equinox gym and other retail are also planned.

Broderick says the offices at Rainier Square, being subleased by Amazon (which snubbed the project in early 2019), recently landed Goldman Sachs, with 15,000 square feet. Bank of America is another signed tenant. JLL's Jim Allison and Cleita Harvey are brokering the space. Broderick says that 558,730 square feet are available — or about 77% of the 722,000 square feet that Amazon committed to take in 2017, during construction.

The Residences at Rainier Square, with 191 luxury apartments on floors 39 through 58, are now leasing. Rents start at around $6,550 for a one-bedroom on the 39th floor and quickly rise to over $10,000. No prices are quoted on the leasing website for a three-bedroom corner unit on the 58th floor, which offers 2,963 square feet. Occupancy is expected in the spring.