04/09/2008
Three New Stuart Silk-Designed Buildings on Salmon Bay
Will Anchor and Upgrade Area
SEATTLE, WA – The Salmon Bay Center, a complex of three new office buildings on Salmon Bay on the north end of the Interbay neighborhood near Seattle’s Fisherman’s Terminal, embraces several new concepts for office space with unique architectural designs by Stuart Silk Architects | the commercial studio: location near a new luxury marina, green design features, and office condominiums offered for sale (see attached green features and ownership benefits).
The Salmon Bay area, easily accessible to downtown Seattle and between the Queen Anne and Magnolia neighborhoods, is in transition and prime for commercial and mixed-use development. The Salmon Bay Center overlooks the Salmon Bay Marine Center, the largest super-yacht facility on the West Coast, and five new Class-A, 10,000 square-foot marine office buildings (www.salmonbaymarinecenter.com).
The three Salmon Bay Center buildings are: Salmon Bay Landing, Salmon Bay Landing West, and the Cauquenes Building. According to Stuart Silk, principal of Stuart Silk Architects, “The design and eventual construction of these three buildings mark a significant upgrade for buildings in this area. Our goal was to design attractive buildings with views of the water and as many green features as possible.”
Salmon Bay Landing, a Class A, 34,500-square-foot office condominium, is already under construction and scheduled to be completed in winter 2008. The design incorporates several green features and has been designed for both beauty and functionality with dramatic floor-to-ceiling glazing and open floor plans to capture stunning water views (see www.salmonbaylanding.com).
A second building, Salmon Bay West, also is anticipated to be developed as office condominium space. Construction is scheduled to start in early 2009. Slightly smaller at 30,400 square feet with two stories of office space and two levels of covered parking, the west building’s design has dramatically flaring walls reminiscent of the great fishing vessels that were once constructed on the site.
The developers of both buildings, Hiro Sato and Kana Sato, Salmon Bay Landing LLC, saw an opportunity to offer a superior product for competitive pricing and are finding a receptive market. In choosing Stuart Silk Architects for Salmon Bay Landing, Sato said, “I wanted something unique in a design for a smaller commercial building, something with a sense of beauty, and I’m very happy with the result.”
A third and larger office building on the property is being called the Cauqueness Building. It offers 44,000 square feet of Class-A office space with construction scheduled to begin in early 2009. The building will offer views of the Ship Canal and the new Salmon Bay Marina.
John Adams, head of the Stuart Silk Architects | the commercial studio, says “the goal was to offer premium spaces with big amenities that make sense for property owners and the environment. Among these amenities are: green sustainable design, prime location with stunning water views, flexible space, high-efficiency mechanical and electrical services, plentiful parking, and of course a beautiful building in which an owner can be proud.”
Stuart Silk Architects Limited PS has become known over the past 26 years for award-winning, high-end residential homes. Stuart Silk Architects | the commercial studio, was established last year to bring a new aesthetic, smart problem-solving, and responsible green designs to the commercial real estate market. For more information, go to: www.stuartsilk.com.
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Editors:
Additional links for further information:
www.stuartsilk.com/commercial
www.salmonbaylanding.com
www.salmonbaymarinecenter.com
Seattle P-I story on “Seattle rarity: office condo,” Feb. 2, 2006
http://seattlepi.nwsource.com/business/257919_office02.html
Seattle Times story on “Condos find new office space,” Jan. 29, 2008
http://seattletimes.nwsource.com/html/businesstechnology/2004150618_officecondo29.html
Seattle P-I story on “Interbay in Transition,” March 10, 2008: http://seattlepi.nwsource.com/local/354361_interbay10.html
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The Advantages and Disadvantages of Office Condo Ownership
Although common in other areas of the country, office condominiums are relatively new to the Pacific Northwest. Office ownership in the buildings at the Salmon Bay Center may offer many advantages over leasing:
- Property ownership as an investment that appreciates in value with the market
- High-quality design and construction with energy-saving features
- Aesthetically pleasing environment through architectural design
- Pride of ownership
- Stable interest rates that are locked-in rather than increasing with each new lease agreement
- A stable monthly mortgage payment
- Equity that offsets the tax benefits of leasing
- Financing available at low fixed-interest rates
- The ability to customize office space to meet specific business needs
- Control over common building areas through a condo association
Access to consultations from the building’s architects.
However, in an unsteady market, ownership could also have disadvantages:
- Value of the unit could possibly go down
- An inability to move quickly to meet future needs or sell the unit
- Higher upfront costs than leasing.
A financial analysis of owning versus leasing 1,360 square feet in Salmon Bay Landing at $435 per square foot can be found on the Salmon Bay Landing website: http://salmonbaylanding.com/financial-analysis-c599.html
Salmon Bay Landing Green Features
The Salmon Bay Landing building, first of the Salmon Bay Center buildings anticipated to be completed in 2008, will incorporate many green or healthy office features into the building’s design and construction:
- Rehabilitation of a former industrial site
- Building interior lights reduced from 11 p.m. to 5 a.m.
- Strategic exterior light placement to minimize light bleeding
- Drought-tolerant plants in landscaping
- Ozone-sparing HVAC system
- Low-VOC materials
- Steel construction for efficient recycling and salvage
- Curtain wall design for generous daylight and water/marine views
- High-efficiency air filtration systems
- Water-conserving fixtures
- Interior mats strategically placed to reduce foot-traffic contaminates.
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