Overview

This large office tower contained 37 stories and was one of the top-15 largest office buildings in Seattle when it opened. It has been known variously as the "M5 Commerce Centre," "505 Madison," and "Madison Centre."

Building History

The real estate developer Schitzer West, based in Seattle, WA, and Denver, CO, obtained this parcel from the College Club of Seattle in 2007, but was prevented from building on it due to the Subprime Mortgage Crisis of 2008. Efforts to restart the financing of the project failed in 2009, and Schnitzer West tried to sell the site and its architectural plans at that time. (See Lynn Porter, Daily Journal of Commerce, "Schnitzer is offering to sell M5 site, plans." published 02/25/2009, accessed 04/06/2023.) Work on the site had to wait until 09/2014, when demolition of prior structures began. Actual construction began on 505 Madison in 12/2014.

By 2016, Schnitzer West found a financial partner in Barings LLC Cornerstone Real Estate Advisers of Hartford, CT, by early 2016 on the 505 Madison tower. Barings added $150 million to get the tower completed. Construction of the exterior envelope concluded in 10/2016, while interior work proceeded for another year. Tenants began using the building by 10/2017. Leasing efforts got off to a slow start, with approximately 70% of the space available at opening. (See Brian Miller, Daily Journal of Commerce.com, "Madison Centre opens, with 70% of the office space still available," published 10/23/2017, accessed 04/06/2023.)

Building Notes

The streaming television service, Hulu, moved into leased space in the building in 04/2019.

PCAD id: 24639