Starbucks in not satisfied being on every street corner of America, it now needs more corporate space to manage the thousands of stores around the country. The coffee chain is expanding into 2 tracts in Seattles Pioneer Square and has the potential to build out one property with a 7 story building.
The properties are owned by a limited liability company led by manager Mickey Smith and other principals from Martin Smith Inc., a Seattle-based real estate investment, development and property management firm. “This is a strategic acquisition to accommodate continued growth of the Starbucks headquarters operation and invest in our hometown and in a special neighborhood, Pioneer Square,” Kulthol said.
The 505 First Ave. S. property is 36,171 square feet in size and has a master use permit available for development of a seven-story, 203,000-square-foot building on the site. Currently the tract contains a surface parking lot, a parking garage and the one-story, 6,500-square-foot Duncan building, which is fully occupied. It does not include the Triangle Pub property on the remainder of the block.
The 204,504-square-foot 83 King Street building next door is about 96 percent occupied. Kulthol said 200 Starbucks employees from Starbucks Store Development Design and Pacific Northwest Region Store Development teams occupy about 45,000 square feet of space in the building. Starbucks Corp. (NASDAQ: SBUX) has been a tenant there for more than a year.
The building was built in 1904 and renovated in 1984 and again in 2000. Starbucks currently occupies about 30 percent of the space. via the Puget Sound Business Journal (Seattle)
No related posts.
{ 2 comments… read them below or add one }
At least we can rest *safely* knowing Starbucks can’t outsource the latte production done in the cafes.
Interesting that their stock has dropped about 30% since this post was written 4 years ago.