Billionaire Paul Allen will move his Vulcan Northwest corporate headquarters to an 11-story office building he plans to develop behind Union Station between Pioneer Square and the International District.
Vulcan Northwest, which manages Allen's business and charitable activities, said yesterday it has acquired the site from Seattle developer Nitze-Stagen, its partner in the $250 million makeover of the 7.5 acre Union Station property.
The announcement followed an earlier report yesterday that San Francisco developer Patrick Mahoney plans to build up to a 10-story office tower north of Union Station on the northwest corner of South Jackson Street and Fifth Avenue South.
Allen and Nitze-Stagen formed Union Station Associates to buy the Union Station property last year from Union Pacific Realty. Their plans include development of five office buildings on the site.
Allen and Mahoney's buildings are part of a master development plan to refurbish Union Station, add 1.1 million square feet of office and retail space, and put a 1,100-stall public garage on the site.
Allen spokeswoman Susan Pierson said Vulcan Northwest will own the office building it plans to build immediately south of Union Station. Its 100 employees, now based in Bellevue, will occupy the top two floors. Groundbreaking is set for the first quarter of 1999, with occupancy expected in March 2000.
Jody Patton, Vulcan Northwest vice chairman and Allen's sister,
said the company is "thrilled to become true neighbors" with its partners in the International District and Pioneer Square. Among Allen's numerous ventures is construction oversight of the new football stadium and exhibition hall to be built on the site of the Kingdome. Allen, co-founder of Microsoft, owns the Seattle Seahawks.