USAA Real Estate Co. and Touchstone Partner To Develop South Lake Union Project
WASHINGTON, D.C. – December 11, 2013 – (RealEstateRama) — USAA Real Estate Co. has partnered with Touchstone to develop the Troy Block property on Fairview Avenue in South Lake Union, Seattle. USAA Real Estate Company will be the equity partner in the 820,000 square foot, 2-building office project, located at 307 Fairview Ave North. The project, which was entitled under the 2013 South Lake Union rezone, was acquired by Touchstone from The Seattle Times in June 2011. The office space is being marketed by David Abbott and Tom Abbott of Colliers International.
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Located at the corner of Boren Avenue and Thomas Street, the 12-story high-rise of 380,000 square feet represents the first phase of the Troy Block Office Project, which could potentially expand to 820,000 square feet of contiguous office space.
This is USAA Real Estate Co.’s first joint venture partnership with Touchstone, a highly-experienced developer in the flourishing Puget Sound region, whose notable projects include the West 8th Class A office building. “South Lake Union is one of Seattle’s foremost neighborhoods offering a robust employment base in which to work and live,” says USAA Real Estate Company President and CEO, Len O’Donnell. “We look forward to a long and successful relationship with Touchstone.”
The property will employ sustainable design strategies in pursuit of LEED Gold certification in the New Construction category, as well as Energy Star Certification. Plans for phase one of the Troy Block Office project also include a five-level, below-grade parking garage.
“With floor plates of nearly 32,000 SF in each tower, we think this project is uniquely designed to meet the needs of today’s technology users who are looking for efficiency, flexibility and collaborative space,” says Douglas Howe, President of Touchstone.
Puget Sound continues to prosper from a diverse offering of Fortune 500 companies including Microsoft, Boeing, Costco and Starbucks. The addition of Amazon’s campus and the 600,000-square-foot headquarters of The Bill and Melinda Gates Foundation have further revitalized the South Lake Union area. The site of the Troy Block Office project currently benefits from its close proximity to the Westlake light rail station, which connects to the Central Business District and Seattle-Tacoma International Airport; long-term improvements to the east/west Mercer Corridor will enhance connections to the Seattle waterfront by way of a new viaduct replacement tunnel.
Touchstone is a 30-year old Seattle development company that has helped shape Seattle’s urban environment and close-in submarkets. Touchstone has specialized in the development of Class-A commercial office, technology office, biotechnology R&D, and employment-driven mixed-use projects including business hotels and retail. Over the years, the team has developed a strong network of tenant, community and capital relationships and has earned their reputation as a top-of-class, sustainable urban developer.
USAA Real Estate Company, with over $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.