CENTRL Takes Over Former WeWork Location in Seattle
Flexible office provider CENTRL Office has taken over the former WeWork space at the Kelly-Springfield Building, comprising 53,365 square feet of coworking space in Seattle. The firm will operate the space under a management contract with landlord Legacy Cos. WeWork vacated the offices in February, after it filed for Chapter 11 bankruptcy. CENTRL plans to open the location in July.
Originally completed in 1917 as an industrial property, the building underwent a conversion to retail use in 1963, followed by an office repurposing in 2019, according to CommercialEdge data. In 2018, it became subject to a $49 million construction loan from Bank of America, the same source shows.
Rising five stories, the building now spans 85,991 square feet of office space. It features an on-site bike locker, rooftop terrace, showers and a conference room. Kidder Matthews Vice President James Yalowitz represented the tenant in the transaction.
Located at 1525 11th Ave., the Kelly-Springfield building is about a mile from downtown Seattle and is adjacent to the Cal Anderson Park. It is also within walking distance of multiple public transit options.
As of February, the average listing rate in Seattle clocked in at $37.87, after registering a 2 percent year-over-year decrease, and on par with the national figure of $37.83, according to a recent CommercialEdge report. The vacancy rate in the metro reached 22.5 percent, rising by 4.3 percent over 12 months and considerably surpassing the 17.9 percent U.S. rate.
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