Blackstone

On a crisp Seattle morning in 2019, Blackstone, through its real estate subsidiary EQ Office, made a significant investment in the city’s skyline. They purchased two prominent office towers: U.S. Bank Centre at 1420 Fifth Avenue and 999 Third Avenue, also known as Wells Fargo Center. The deal, valued at a staggering $1.2 billion, signaled Blackstone’s confidence in Seattle’s growing economy and its vibrant workforce. U.S. Bank Centre, a 46-story (some say 47) tower built in 1989, originally bore the name Pacific First Centre. It boasts around 855,300 square feet of office space, a substantial 67,000 square feet of retail space, and parking for nearly 1,000 cars. The slightly older Wells Fargo Center, constructed in 1983, stands 47 stories tall and encompasses nearly 976,800 square feet of offices and about 17,700 square feet of retail space, along with parking for 668 vehicles. Both buildings already housed major tenants like U.S. Bank, Wells Fargo, and the rapidly growing tech company DocuSign. Blackstone didn’t just buy these buildings; they envisioned transforming them. EQ Office planned extensive improvements to both properties. Their CEO, Lisa Picard, based in Seattle, understood the city’s appeal. She cited Seattle’s “high quality of life” and its affordability compared to other tech hubs. She also noted the city’s access to top-tier universities, like the University of Washington, as key drivers of sustained growth. Blackstone’s acquisition brought their Seattle portfolio to an impressive 3.1 million square feet. They also manage the Exchange Building and 800 Fifth Avenue. The purchase of U.S. Bank Centre and 999 Third Avenue wasn’t just a financial transaction. It was a commitment to reshape a piece of Seattle’s skyline and contribute to the city’s ongoing evolution.