Capstone Partners doesn't yet have a tenant for their 340,000-square-foot, 10-story office building called Dexter Station that they are building in South Lake Union but that's not going to stop them from getting started. Perhaps showcasing some newfound faith in the office and real estate market, they're going to start building it anyway.
Located at 1101 Dexter Ave. N., the project has been on hold since 2008. With this change of strategy to build "spec," the Seattle Times thinks this might user in a new era of spec projects in SLU.
Skanska USA has given indications it's likely to start soon on another South Lake Union project, 320,000-square-foot 400 Fairview, without a signed tenant. But so far there's been no official announcement. As if the South Lake Union boom wasn't already moving fast enough, the reality that spec construction might be gaining steam just means that new skyline will get here sooner than later.
· South Lake Union office-tower project to start minus tenant [Seattle Times]
· Capstone starting construction of South Lake Union office project [PSBJ]