- Chase plans $70m Sapphire Lounge in Seattle
- Lounge would occupy 16,000 square feet at Seattle-Tacoma
- Rent starts at $500 per square foot
- Construction depends on three-part relocation
- Multi-year wait plausible
JPMorgan Chase is seeking 16,000 square feet at Seattle-Tacoma International Airport for a brand-new Sapphire Lounge giving the bank a major foothold beside Delta’s premium facilities while offering the Port of Seattle a lucrative exit from an abandoned public lounge project that has already absorbed nearly $34m (€29m). Port commissioners were scheduled Tuesday to consider a 15-year lease with AD Partnership LLC an Airport Dimensions affiliate selected to operate the Chase-branded facility in Concourse A.
The proposal calls for about $70m (€59.8m) in tenant spending on the initial build-out and a midterm refurbishment. Rent would begin at $500 per square foot producing an estimated $7.9m (€6.75m) a year with 10pc increases in years six and 11 according to the Port’s agenda memorandum and presentation. The proposed lounge would occupy The Club at SEA’s current space near Gate A11 and an adjoining area once intended for its expansion.
The proposed Sapphire facility would enter an airport already divided into distinct lounge territories. Currently the airport’s directory includes the American Express Centurion Lounge in the Central Terminal along with a pre-security USO Center for eligible military travellers. Five facilities give Concourse A the airport’s densest lounge cluster. Chase has not separately confirmed an opening date and the documents do not establish when construction will begin.
