Federal Reserve Bank Building (Seattle)

Federal Reserve Bank of San Francisco, Seattle Branch

Company type	Government agency (former branch)
Industry	Banking
Founded	1951 (1951)
Defunct	2008 (2008)
Fate	Closed and operations relocated; building sold
Headquarters	Seattle, Washington , United States
Area served	Seattle metropolitan area

The Federal Reserve Bank Building, also referred to as the Federal Reserve Bank of San Francisco, Seattle Branch, served as the Seattle location for the Federal Reserve Bank of San Francisco from 1951 until it ceased operations in 2008.

After multiple redevelopment attempts—including a demolition plan halted by a U.S. District Court decision in 2008—the property was handed over to the General Services Administration in 2013. It was subsequently sold at auction to Martin Selig Real Estate in 2015 for $16 million. Initially, the developer proposed constructing a 48-story mixed-use tower atop the existing structure but later scaled back the project to a seven-story building, which was finalized in 2020.

Since 2013, the building has been recognized on the National Register of Historic Places.

Architecture and design

Situated on half a block along the west side of 2nd Avenue between Madison and Spring Streets, the Federal Reserve Bank Building is a six-story Modernist edifice comprising four floors above ground and two below. The structure is built with structural steel and reinforced concrete. Its primary facade facing 2nd Avenue is clad in light gray Indiana limestone, while the basement level features reddish-brown granite. A modest plaza with terraced granite planters is set back approximately 18 feet from the street at the main entrance.

The two subterranean floors include a vault measuring 56 by 56 feet, secured by reinforced concrete walls that are 30 inches thick and stainless steel doors, constructed using 335 tons of materials; a circular staircase formerly located there was removed in 2005. These lower levels also contained a small parking area, a secure truck lobby accessible via an alleyway, workspace areas, and a shooting range designated for security personnel. The ground floor houses public areas such as the lobby and former teller stations, as well as a small rentable space once occupied by the FBI during the 1950s and left vacant since 1990. Upper floors accommodated open-plan offices, check processing operations, and employee facilities including a cafeteria and lounges.

The building was designed by Seattle-based architecture firm NBBJ—established in 1943—with William J. Bain, one of its founding partners, serving as lead architect. It was engineered to endure atomic bomb blasts and later upgraded for seismic resilience. Its Modernist design reflects pre-war Moderne influences through its solid massing and understated facade. The building shares stylistic attributes with the nearby William Kenzo Nakamura U.S. Courthouse. Its appearance projects an image of "permanence and security," distinguished by its austere form and substantial presence amid Seattle's financial district’s surrounding Modern skyscrapers.

History

The Seattle branch of the Federal Reserve Bank of San Francisco began operations in 1917, initially occupying leased space within the Baillargeon Building downtown. On February 28, 1949, plans were approved for a permanent facility at 2nd Avenue and Madison Street near Seattle’s financial district. This new site replaced the bank-owned Rialto Building, constructed in 1894 and formerly home to both the Seattle Public Library and a Frederick and Nelson department store.

Conceived by local firm NBBJ in a post-war Modernist style, this six-story steel-frame structure cost $2.5 million (equivalent to $ million in ). Construction commenced with the cornerstone laid on April 20, 1950, and the building officially opened on January 2, 1951, sharing space with the Federal Bureau of Investigation.

Throughout its five decades serving the Federal Reserve, the building underwent standard maintenance and various upgrades, including exterior cleaning in 1958 that resulted in discoloration of the limestone cladding. In the 1980s, roof replacements and window upgrades were carried out under HNTB, while renovations during the 1990s introduced employee amenities such as a cafeteria and conference facilities.

The 2001 Nisqually earthquake caused only minor damage that was addressed by a seismic retrofit completed in 1996. Following the September 11, 2001 attacks, access to public areas was restricted and additional security measures were implemented.

In 2004, it was announced that the Federal Reserve would relocate its Seattle branch to a site in Renton previously owned by Boeing. The downtown Seattle facility closed on February 20, 2008; Federal Reserve vice chairman Donald Kohn cited operational inefficiencies along with inadequate security standards post-2001 as reasons for closure. Ownership transferred to the General Services Administration in April 2012 to facilitate its sale.

Redevelopment

In the early 2000s, plans for the Seattle Monorail Project included an elevated monorail station at Madison Street along 2nd Avenue, intended to be situated within the plaza of the Federal Reserve Bank Building; however, this station was never realized.

Initial plan and preservation lawsuit

Following the building’s vacancy in 2008, Sabey Corporation, a developer based in Tukwila, entered negotiations to acquire the property for $19.75 million. Opposition arose from local preservation advocates who formed the "Committee for the Preservation of the Seattle Federal Reserve Bank Building" and filed a lawsuit in U.S. District Court on November 21, 2008, aiming to prevent the sale. On March 19, 2010, Federal Judge Robert S. Lasnik ruled in favor of these preservationists, determining that the Federal Reserve Bank had not adhered to required federal disposal protocols.

The building was added to the National Register of Historic Places on February 4, 2013. Although the Federal Reserve Bank had pursued landmark designation from the City of Seattle Landmarks Preservation Board in 2008, it did not secure approval at that time. A renewed effort to achieve landmark status was initiated by Martin Selig Real Estate in 2016.

Auction and high-rise proposal

The General Services Administration (GSA) attempted to sell the Federal Reserve Bank Building through surplus federal property channels but did not receive any competitive bids from public agencies by November 2014. Consequently, a public auction commenced on December 5, 2014, starting with a $5 million bid and initially scheduled to close on January 28, 2015. Intense bidding raised offers close to $10 million, prompting an extension of the auction deadline into February. The auction concluded on February 7, 2015, with a winning bid of $16 million from an undisclosed purchaser.

In April 2015, it was disclosed that Martin Selig Real Estate had acquired the property. The company proposed constructing a 31-story office tower, designed by Perkins and Will, which would integrate the original building as its podium base, separated from the new tower by a three-story winter garden.

Among notable unsuccessful bidders was Seattle Public Schools, which envisioned transforming the building into an elementary school, marking the first downtown school establishment in 65 years. Their initial application submitted through the GSA via the United States Department of Education was declined due to its preliminary nature. Subsequent concerns regarding renovation costs estimated at $50 million and a projected three-year timeline led the school board to cease further pursuit. The district participated in the auction with an opening bid of $1 million but withdrew when prices exceeded their $5.8 million ceiling.

In 2014, Compass Housing Authority also submitted a proposal to convert the site into a downtown homeless shelter and service center; however, this plan was rejected by the United States Department of Health and Human Services due to funding constraints.

By December 2015, Selig revised their development strategy to include an additional 12 residential floors atop the tower, raising its total height to , thereby making it Seattle’s fifth-tallest skyscraper at 48 stories. Construction was slated to begin in 2018 with completion anticipated in 2020. After acquisition, Selig invested in exterior cleaning, plaza renovations, and selective interior demolition.

Following their acquisition of Fernando Botero's "Adam and Eve" sculptures in early 2016, Martin Selig announced plans to place the "Adam" statue prominently on a pedestal outside the Federal Reserve Bank Building.

Seven-story expansion

In June 2016, following objections from historic preservation advocates, Selig revised its initial proposal for an eight-story extension that included office space and a two-level penthouse. The architectural team comprised William Bain Jr. and John Bain, who are descendants of the original architect, William Bain. By November 2016, a third iteration of the design lowered the height to seven stories and introduced an opaque facade on the west side in response to concerns raised by an adjacent condominium. Construction commenced in late 2018 and reached completion in 2020, although no significant office tenant had been secured by that time.

The building is set to house the Consulate-General of India in Seattle, with an opening planned for March 2024.

Transfer of ownership to Acore Capital

As of April 2025, 82% of the Federal Reserve Building’s office space remained unleased. Confronted with challenges in repaying large loans, Martin Selig Real Estate arranged a transaction transferring ownership of the Federal Reserve Building along with another asset to the lender Acore Capital. Management responsibilities for these properties were assumed by Urban Renaissance Group.

External links

• Building profile from the General Services Administration
• Project profile at Martin Selig Real Estate