HGC is delighted to announce its collaboration with Stockbridge Capital Group and Daniels Real Estate for the Fifth & Columbia Avenue project, a prestigious mixed-use development in downtown Seattle. This transformative project encompasses a 43-story four-star hotel and Class A+ office tower, set to redefine the city's skyline.
The Fifth Avenue project is a testament to HGC's commitment to exceptional real estate ventures. With a total investment of 407 million USD, this visionary development will feature approximately 175,000 rentable square feet for the new SLS Hotel Seattle on floors 2 through 15. Floors 16 through 43 will offer Seattle's elite Class A+ office space, catering to the city's thriving business community.
The developer has invested USD157 million into the project, with HGC and other limited partners contributing USD2.25 million. This significant investment highlights HGC's dedication to driving transformative developments that shape the urban landscape and foster economic growth.
The project commenced in March 2014, with a construction period of approximately 33 months, leading to its completion by the end of 2016. The Fifth & Columbia Avenue project is a testament to HGC's efficient execution and ability to deliver high-quality developments within the designated timeline.
Stockbridge Capital Group, a registered investment advisor with the U.S. Securities and Exchange Commission (SEC), manages over USD5.5 billion in assets and specializes in the integrated development of medium to large real estate projects. Daniels Real Estate LLC, an experienced real estate development company, brings over 25 years of expertise to the project. Their notable accomplishments include the upgrade of Seattle's Union Station and the development of more than 1.1 million square feet of office space in adjacent stations, as well as the conversion of a former Sears distribution center into the new Starbucks global headquarters.