760 Aloha is open for prospective tenants

Contractor R Miller began work on the 760 Aloha St. office conversion project in December of 2021. And last month, the city issued a certificate of occupancy for the now six-story, 40,968-square-foot building. Newmark is brokering the space for owner Nitze-Stagen.

BuildingWork was the architect for what began life in 1931 as a two-story industrial building. It was first home to Jarvie Paint Manufacturing, then had various additions and new tenants in the following decades. Nitze-Stagen bought the corner property, at Eighth Avenue North, four years ago for $8.5 million.

The project is notable for being one of very few Seattle office plans to proceed during and despite the pandemic. And the location, a block west of Lake Union, places it on the outskirts of South Lake Union — still a more favored market compared to the central business district, the suburban ring and wherever Class B buildings are located.

In its first quarter office report, Kidder Mathews puts the Lake Union vacancy rate at 7.5%. That compares to just over 20% for the CBD and over 14% for the broader Seattle close-in market.

KM says the regional vacancy rate now stands at over 11%. The Eastside outlook is brighter than Seattle’s, with a vacancy rate of about 6%. That’s an increase from December, but not a huge one.

KM’s overall assessment is glum: “The regional office market is clearly struggling and highly volatile at present, particularly in Seattle.”

At 760 Aloha, leasing materials from Newmark’s Daniel Seger, David Marks and Cavan O’Keefe indicate that all six floors are still available. Most of the floorplates offer around 8,000 square feet. The top floor is smaller, but features a large landscaped terrace facing east to the lake. There’s no stated asking price for the space.

The ground floor, with 3,328 square feet, could be offices or retail. On a sloping site, the mezzanine level has a bike room and 24 structured parking stalls.

LEED Silver certification is being sought for 760 Aloha. The conversion/addition also includes prominent new yellow seismic bracing, visible from the street.

The 760 Aloha team also included GeoEngineers, geotechnical; Swenson Say Faget, structural engineer; Decker Consulting Engineers, civil; Coffman Engineers, electrical; DB Engineering, mechanical and plumbing; Core Design, surveyor; and Karen Kiest Landscape Architects.

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