Lincoln Property Company and Intercontinental Real Estate Corporation Complete Transit-Oriented Office Tower in Seattle’s University District

Lincoln Property Company (“Lincoln”), a global full-service real estate firm, and JV partner Intercontinental Real Estate Corporation (“Intercontinental”) completed construction and announced a new name for the JV’s 263,000-square-foot office tower in Seattle’s University District. Formerly known as U District Station Building, the recently opened property is now called the Gateway Building. The University of Washington (“UW”) pre-leased 133,000 square feet, where it will support innovation and research activities.

“We are pleased to have delivered this asset in partnership with Intercontinental and the University of Washington, as well as the Seattle Sound Transit Agency, who we worked closely with on the transit element of the Gateway Building,” said Alex Aigner, Executive Vice President of Lincoln. “Now serving as the property management team onsite, Lincoln will deliver a world-class experience for UW employees and future tenants at the building, who are seeking an office environment with unmatched transit access, modern finishes, and the flexibility to accommodate future growth.”

“The flight-to-quality, especially in difficult times, is a constant in commercial real estate,” said Jessica Levin, Managing Director in charge of West Coast investments for Intercontinental. “The Gateway Building is a highly amenitized, well-located transit-oriented building in the coveted University District. As the market continues to recover, buoyed by one of the strongest economies in the nation, the Gateway Building is well positioned as a first-to-lease asset.”

Located at 4328 Brooklyn Avenue NE, the Gateway Building rises 13 stories and sits atop the U District light rail station. Tenants at the Gateway Building will benefit from unparalleled transit access and connectivity to the Seattle Central Business District, SeaTac Airport, and the Eastside. The property also features an outdoor amenity deck and a rooftop terrace, providing open-air elements and sweeping views of the UW campus and the Seattle skyline.

“The University of Washington’s new space at the Gateway Building represents our ongoing commitment to the success of the University District,” said Aaron Hoard, Director Regional & Community Relations for UW. “With this new location, UW employees can better support local businesses and contribute to vitality of the surrounding community. The building’s location above the light rail will also improve our team’s commutes, helping to meet the University’s transportation goals to reduce single-occupant vehicle trips.”

The Gateway Building was designed by Perkins&Will and GLY Construction served as the general contractor. Cavan O’Keefe, Tim O’Keefe and Jesse Ottele of Newmark are leasing the remaining 123,000 square feet of Class A office space. The building’s floor plates average 24,000 square feet and can accommodate a range of smaller tenant sizes. Jennifer Seversen of CBRE is leasing the 3,500 square feet of ground-floor retail.

“The rebranding and delivery of the Gateway Building signals a new chapter for this landmark project,” said Ottele. “With the University of Washington as the anchor tenant and state-of-the-art features throughout, the Gateway Building is set to redefine what it means to work in the University District. We look forward to welcoming additional tenants to this exceptional building.”

Don Blakeney, Executive Director for the University District Partnership, added “The opening of the Gateway Building marks a transformative moment for the U District and is a major boost for the local economy. With the University of Washington as the anchor tenant, this development is already fueling new opportunities for local businesses and strengthening the district’s role as a hub for knowledge and commerce.”

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-used properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 562 million square feet of commercial space. In addition to providing third-party real estate services, Lincoln has completed over 164 million square feet of development since its inception in 1965 and has another $19.5 billion currently under construction or in the pipeline. For more information, visit: www.lpc.com.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser* with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $18.25 billion in real estate property. As of December 31, 2024, Intercontinental manages a real estate portfolio of approximately $12.65 billion for its clients. Intercontinental investment strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects. For more information on Intercontinental please visit www.Intercontinental.net.

*Registration with the SEC does not imply a certain level of skill or training.