Madison Centre

Description

The Madison Centre is a 560ft skyscraper under construction in Seattle, Washington, United States. It is scheduled to be completed in 2017 and have 36 floors of office space totaling 950,000sqft of gross leasable area. Upon its completion, it would be the eleventh-tallest building in Seattle. It is located at the intersection of 5th Avenue and Madison Street in Downtown Seattle, adjacent to the Seattle Central Library and William Kenzo Nakamura United States Courthouse.Schnitzer West bought the existing property at the site and hoped to begin construction of a skyscraper as early as 2008. In the meantime, however, the late-2000s recession struck the economy and consequently the fate of many commercial real estate projects came under doubt, including 505 Madison. Further development of the project hinged on securing a sufficient number of preleases by 2009, which did not occur.In 2012, the project was revived and the developer began seeking permits to start construction. Demolition of the pre-existing buildings on the site began in early September 2014.In February 2016, Touchstone Corporation announced that it would enter a joint venture with Schnitzer West to develop the Madison Centre, contributing $150 million in equity and a construction loan.