Madison Centre
Madison Centre in October 2017
Madison Centre is located in Seattle WA Downtown
Madison Centre
Location within downtown Seattle
Former namesM5 Commerce Centre, 505 Madison
General information
TypeOffice
Location920 5th Avenue, Seattle, Washington 98104
Coordinates47°36′23″N 122°19′53″W / 47.606468°N 122.331282°W / 47.606468; -122.331282
Construction started2014
OpenedOctober 2017
Cost$157 million[1]
OwnerBoston Properties
Height
Roof530 ft (160 m)
Top floor37
Technical details
Floor count37
Floor area754,184 sq ft (70,066.0 m2)[2]
Lifts/elevators20[3]
Design and construction
Architect(s)NBBJ
DeveloperSchnitzer West
Structural engineerDCI Engineers
Main contractorSellen Construction
Other information
Parking480 spaces
Website
www.madisoncentre.com/home
References
[4][5]

Madison Centre (formerly known as M5 Commerce Centre and 505 Madison) is a 530-foot-tall (160 m) skyscraper in Downtown Seattle, Washington. It was completed in October 2017 and has 37 floors of office space totaling 746,000 square feet (69,300 m2) of gross leasable area.[6] It is the thirteenth-tallest building in Seattle. It is located at the intersection of 5th Avenue and Madison Street in Downtown Seattle, adjacent to the Seattle Central Library and William Kenzo Nakamura United States Courthouse.[4]

History

Schnitzer West bought the existing property from the College Club of Seattle in 2007 and hoped to begin construction of a skyscraper as early as 2008.[7] In the meantime, however, the late-2000s recession struck the economy and consequently the fate of many commercial real estate projects came under doubt, including 505 Madison.[8] Further development of the project hinged on securing a sufficient number of preleases by 2009,[9] which did not occur.[10]

In 2012, the project was revived and the developer began seeking permits to start construction.[11] Demolition of the pre-existing buildings on the site began in early September 2014.[12] In February 2016, Cornerstone Real Estate Advisers (now Barings) announced that it would enter a joint venture with Schnitzer West to develop Madison Centre.[13] Construction on the tower topped out in October 2016,[14] and the tower opened for occupancy in October 2017.[6]

Madison Centre was sold in May 2022 to Boston Properties for $730 million.[15]

Tenants

The retail space facing Marion Street was leased to Amazon Go, the second store for the cashier-less convenience store. It opened on August 27, 2018.[16] Hulu signed a major lease for 67,400 square feet (6,260 m2) within the building in April 2019.[17] Amazon Go closed in June 2023 and is planned to be replaced in 2024 by a small delicatessen and market.[18]

See also

References

  1. ↑ Rosenberg, Mike (March 10, 2017). "Record construction frenzy sweeps downtown Seattle; more building to come". The Seattle Times. Retrieved March 27, 2017.
  2. ↑ "Madison Centre". Schnitzer West. Retrieved October 16, 2023.
  3. ↑ "Elevators". Madison Centre Tenant Portal.
  4. 1 2 "Schnitzer West, Madison Centre: Business Nexus". NBBJ. Retrieved May 16, 2016.
  5. ↑ "Emporis building ID 318185". Emporis. Archived from the original on May 14, 2015.
  6. 1 2 Miller, Brian (October 23, 2017). "Madison Centre opens, with 70% of the office space still available". Seattle Daily Journal of Commerce. Retrieved October 24, 2017.
  7. ↑ James, Andrea (March 14, 2007). "More office space at College Club site". Seattle Post-Intelligencer. Retrieved March 29, 2012.
  8. ↑ Shevory, Kristina (October 21, 2008). "Even in Resilient Seattle, Office Vacancy Rate Is Rising". The New York Times. Retrieved March 29, 2012.
  9. ↑ Porter, Lynn (November 10, 2008). "Seattle commercial real estate players: 'We're not immune'". Seattle Daily Journal of Commerce. Retrieved March 29, 2012.
  10. ↑ Holden, Dominic (April 7, 2009). "Re: Boom Forever". SLOG. Retrieved March 29, 2012.
  11. ↑ Pryne, Eric (April 25, 2012). "Schnitzer West revives plan for 36-story office tower downtown". The Seattle Times. Retrieved March 29, 2012.
  12. ↑ Levy, Nat (August 22, 2014). "Schnitzer West getting ready to start Madison Centre". Seattle Daily Journal of Commerce. Retrieved July 7, 2016.
  13. ↑ "Cornerstone joins Madison Centre JV". Seattle Daily Journal of Commerce. February 17, 2016. Retrieved July 7, 2016.
  14. ↑ Mitanis, Marcus (October 6, 2016). "Two Highrise Office Projects Top Out in Seattle". Skyrise Cities. Retrieved November 6, 2017.
  15. ↑ Miller, Brian (May 18, 2022). "Madison Centre trades for $730M". Seattle Daily Journal of Commerce. Retrieved December 7, 2023.
  16. ↑ Day, Matt (August 27, 2018). "Amazon has a second Go at cashierless convenience store in downtown Seattle". The Seattle Times. Retrieved August 27, 2018.
  17. ↑ Stewart, Ashley (April 17, 2019). "Hulu growing Seattle footprint with lease for new Madison Centre office". Puget Sound Business Journal. Retrieved April 21, 2019.
  18. ↑ Thompson, Joey (December 7, 2023). "Former Amazon Go space in downtown Seattle gets new tenant". Puget Sound Business Journal. Retrieved December 7, 2023.
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