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Downtown Bank of America relocating temporarily | Schnitzer West making way for Centre 425 project
Schnitzer West began construction Monday of a temporary Bank of America branch to replace one being leveled at the site of the developer's latest project, the 16-story Centre 425 office tower.
Bank of America will be a prominent tenant in the new office tower, however, its branch on the corner of 106th Avenue Northeast and Northeast Fourth Street first needs to be demolished. Schnitzer West states it is demonstrating its commitment to the future tenant by constructing a new facility for the bank at 10833 N.E. Second St., which is planned to open Dec. 8, a week before the old structure comes down.
Schnitzer West Investment Director Pete Aparico said the company has entered a long-term ground lease for up to 40 years at the Northeast Second Street site, which allows Bank of America to extend its occupancy of the interim branch if it chooses or for another tenant to take over. Bank of America will occupy a 6,400-square-foot branch within the ground floor of Centre 425, once construction is completed.
Aparico said Schnitzer West is on target for a summer 2016 completion date for Centre 425, which will offer 360,000 square feet of rentable space to companies of all sizes. Centre 425 will feature Class-A office space, a conference and training center, fitness center, on-site concierge, a landscaped terrace and a Great Room, according to a news release from Schnitzer West. There is 8,000 square feet planned for retail.
Schnitzer West wants Centre 425 to be a best-value solution for its office tenants, focusing on high-density work spaces with common area amenities, Aparico said. Bank of America is the only formal leaseholder currently. A number of prospective tenants are being engaged and a marketing center is anticipated to open by the end of this summer, he said.
"We found that the first impression of the building is very important, but also really the focus on the function and the aesthetic that allows companies to go out and attract the talent," Aparico said.
The new tower is to be the fourth major construction project for Schnitzer West in Bellevue, the latest being The Bravern completed in 2009 and sold last year. The development company is aiming for a Leadership in Energy and Environmental Design gold certification with Sellen Construction as its general contractor and Sellen Sustainability working to meet those LEED standards through mechanical and electrical work, Aparico said.