Urban Visions and Mitsui Fudosan America to develop The Net with JV funding arranged by JLL

Rhea-AI Summary

JLL Capital Markets has facilitated a joint venture between Urban Visions and Mitsui Fudosan America to develop 'The Net', a 36-story, 812,000 rentable square feet Class A office tower in Seattle's Central Business District. Scheduled for completion in 2024, it will include street-level retail, extensive parking, and a focus on health and productivity with modern architectural design. Its prime location near key Seattle attractions and a perfect Transit Score of 100 enhances its appeal to potential tenants. This development is expected to redefine office standards, amid Seattle's growing demand for office spaces.

Positive

• Joint venture partnership with Mitsui Fudosan America indicates strong investor support.
• Development of 'The Net' expected to attract tenants due to its focus on health and productivity.
• Prime location in Seattle's Central Business District enhances marketability.
• Transit Score of 100 indicates excellent accessibility for tenants.
• Projected completion in 2024 aligns with Seattle's surge as a top office market.

Negative

• None.

SEATTLE, Sept. 29, 2020 /PRNewswire/ -- JLL Capital Markets announced today that it arranged a joint venture partnership between Urban Visions and Mitsui Fudosan America for the development of The Net, a 36-story, 812,000-rentable-square-foot, iconic Class A office tower development to be located in Seattle's Central Business District.

Designed by Urban Visions and the globally recognized architectural firm, NBBJ, The Net is considered a model for how future high-rise buildings should be designed: dedicated to human health and productivity. The tower will be comprised of approximately 800,0000 rentable square feet of office, with 12,000 square feet of street level retail and six levels of subterranean parking totaling 390 spaces. The Net is anticipated to deliver in 2024 and will change Seattle's skyline with its extraordinary perimeter brace frame design. The development will appeal to a broad array of tenants due to its highly efficient side core design with minimal column spacing, abundant natural light, and planned amenity areas, including a one- of-a-kind multi-level sky-park / lounge on the upper three levels of the tower. 

The Net will occupy a half a city block at 801 3rd Avenue in the heart of Seattle's central business district, commanding unobstructed views of Seattle's waterfront, Pioneer Square, the Stadium District and Mount Rainier. The tower is less than three blocks from the transformational $4 billion redevelopment of Seattle's Central Waterfront. Many of Seattle's top destinations, including Pike Place, Pioneer Square, Seattle Seahawks CenturyLink Field and Seattle Mariners' T- Mobile Park are near the Net.  Additionally, with a Transit Score® of 100, The Net is surrounded by numerous transportation options for its tenants, including multiple bus lines, the Seattle Ferry Terminal and the Marion Street Pedestrian Bridge that will connect Colman Ferry Terminal to Downtown Seattle. Just steps away from the Net is also the Metropolitan Grill, considered by many to be among the top-rated premier steakhouses in the country.

"From our research, now more than ever, today's CEOs need to be located in buildings that prioritize people, especially in regard to personal, organizational and environmental health," Urban Visions CEO, Greg Smith said. "We listened. The Net will set the standard by which all other high-rise buildings will be measured." 

The JLL Capital Markets team representing ownership and Urban Visions was led by Senior Managing Director Gerry Rohm and Senior Director Logan Greer.

"Seattle has emerged as the top office market in the U.S. amid this pandemic and will continue to lead in the recovery," Rohm said. "This is no surprise, given Seattle's highly competitive cost advantage of living relative to other U.S. markets and the exceptional demand drivers that are in place – the largest global technology companies are headquartered here, attracting and retaining an extensive network of employees and talent in the technology, cloud and engineering space – and the future supply of this scope and type of development is limited."

"Urban Visions and Mitsui Fudosan have a singular vision for this world class office tower and will define an entirely new generation of office buildings that are foremost focused on occupant productivity and health," Rohm continued. "Undoubtedly, The Net will establish the new standard for office tower innovation, not only in Seattle, but globally as well."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

About Urban Visions 
Headquartered in Seattle, Washington, Urban Visions is a privately held real estate owner, developer and manager committed to creating exceptional, highly innovative real estate projects that increase the well-being and productivity of the occupants of its properties in addition to enhancing surrounding communities. For more information, please visit urbanvisions.com. 

About Mitsui Fudosan America
Mitsui Fudosan America, Inc. (MFA) is the U.S. subsidiary of Japan's largest real estate company, Mitsui Fudosan Co., Ltd., a publicly-traded company with approximately $60 billion of assets. MFA is responsible for Mitsui Fudosan's real estate investment and development activities in North America, and is headquartered in New York, with branch offices in Washington D.C., San Francisco, Los Angeles, and Honolulu. MFA has been active in the United States since the 1970s, and currently owns assets in the New York, Washington D.C., Boston, Denver, Seattle, San Francisco, Los Angeles, and Honolulu metropolitan areas. MFA's U.S. portfolio includes 5.6 million square feet of office space, 6.0 million square feet of office space under development, 1,600 residential apartments, 5,700 additional rental units under development, 360 condominiums and townhomes under development, and 753 hotel rooms.
To learn more, please visit: mfamerica.com.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

Connect with us:
https://www.linkedin.com/company/jll
https://www.facebook.com/jll
https://twitter.com/jll
https://www.instagram.com/jll

Contact: Kristen Murphy, JLL Senior Manager, Public Relations
Phone: +1 617 848 1572
Email:  Kristen.Murphy@am.jll.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/urban-visions-and-mitsui-fudosan-america-to-develop-the-net-with-jv-funding-arranged-by-jll-301140228.html

SOURCE JLL

FAQ

What is The Net office tower being developed by JLL?

The Net is a 36-story, 812,000 rentable square feet Class A office tower in Seattle, being developed through a joint venture between Urban Visions and Mitsui Fudosan America.

When is The Net expected to be completed?

The Net is anticipated to be completed in 2024.

What unique features does The Net offer?

The Net features a focus on health and productivity, includes street-level retail, and a multi-level sky-park/lounge.

What are the expected benefits of the location of The Net?

The Net's location in Seattle's Central Business District provides access to major attractions and transportation options, highlighted by a Transit Score of 100.

How is Seattle's office market performing according to the press release?

Seattle has emerged as the top office market in the U.S., with strong demand driven by global technology companies headquartered in the area.