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Pacific Building
Pacific Building Seattle.jpg
Pacific Building
General information
Type Commercial offices
Architectural style Postmodern architecture
Location Seattle, Washington
Address 720 Third Ave.
Coordinates 47°36′14″N 122°19′56″W / 47.6040°N 122.3322°W / 47.6040; -122.3322Coordinates: 47°36′14″N 122°19′56″W / 47.6040°N 122.3322°W / 47.6040; -122.3322
Elevation 95 ft (29 m)
Completed 1971
Owner Brickman
Height 286 ft (87 m)
Technical details
Floor count 22
Floor area 227,556 sq ft (21,140.6 m2) (gross)
133,190 sq ft (12,374 m2)
Lifts/elevators 5

The Pacific Building is a 22-story building in the Central Business District of Downtown Seattle, Washington. It is located at 720 Third Avenue. It was completed in 1971.

History

The Pacific Building Corporation, ran by prominent developer and engineer Richard H. Hadley (the son of Homer Hadley, pioneer in building floating bridges), oversaw the construction and development of the Pacific Building.

On May 16, 1968 The engineering firm Dames & Moore had completed its "Report of Soils Investigation, Proposed Multi-Story Pacific Building, Third Avenue and Columbia Street, Seattle, Washington" for the Pacific Building Corporation. The work included drilling three exploratory borings at the building site, conducting appropriate laboratory tests, and undertaking engineering analyses and evaluations to determine appropriate means of foundation support and develop foundation design criteria.

By 1995, the building was half empty, with tenants filling several of the lower floors. This was partly the cause of Continental Savings Bank (now HomeStreet Bank) terminating its lease with the Pacific Building in 1992, where it occupied around 45,000 square feet on seven floors. The bank had been headquartered there since the building opened in 1971. By 2001 roughly 90% of floor space was being utilized, during which time it was being managed by Martin Smith Inc.

On December 5, 2007 Meriwether Partners purchased the building from LHT Corporation as Pacific Building Partners LLC for $34 million or $264 per rentable square foot. At the time, the building was 86% leased by 33 tenants. The company implemented a multi-million dollar renovation plan for the interior and exterior of the building, remodeling the main floor lobby and elevator cabs, upgrading multi-tenant lobbies and corridors, improving the parking garage controls, installing a new fire sprinkler system, and installing a new canopy system along Third Avenue.

During May 2014, public records show The Office of Professional Accountability, affiliated with the Seattle Police department, entered a 10-year lease on the 18th floor, accommodating 8,226 rentable square feet. The lease rate began at $29.50 per square foot per year, with a $0.75 per square foot annual increases, ending at $36.25 per square foot per year ($307,138 per year) by 2024.

The building was sold October 2014 to Brickman for $50.35 million.

Sale Price Price per Rentable Square Foot (RSF) Date Seller Name Buyer Name
$50,350,000 $390 10/31/2014 720 3rd Avenue partners LLC Brickman Pacific LLC
$35,450,000 $275 3/28/2013 Pacific Building Partners LLC 720 3rd Avenue partners LLC
$33,995,000 $264 12/5/2007 LHT Corporation Pacific Building Partners LLC
$2,300,000 $18 12/30/1986 Asia Pacific Corp LHT Corporation

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