Ten years ago the chatter in Seattle was about who had the most expensive condo. Today it's about who's got swankiest apartment.
There's a new luxury entry on Seattle's First Hill with the re-opening of the Panorama, where they're asking around $9,350 a month for four penthouses at the top of the 18-story building.
The $19 million, year-long renovation of the Panorama – a 1962 World's Fair-era tower at 1100 University St. – is done, and more than two-thirds of the 179 units have been leased. Rents start at $2,672 for a one-bedroom with up two months' free rent.
The owner of the Panorama, Security Properties of Seattle, thinks the the nearly 2,400-square-foot penthouses will appeal to successful entrepreneurs, professional entertainers and athletes and the doctors who work at nearby hospitals.
A couple rented the first penthouse, according to Security Properties CEO David Dufenhorst. He said the they are business owners and moved from the Martin in Belltown, where rent for an 1,820-square-foot penthouse is $8,000 a month, according to the property's website.
Security Properties acquired the Panorama in 2014 for $74 million. At the time, apartments were leasing at well below market rates. A two-bedroom, for instance, was available for $1,525. Two-bedrooms now start at $3,055.
Security built the marketing of Panorama around the property's 1960s style. The Panorama website urges would-be tenants to "reclaim your inner Don Draper," the lead character of the hit TV series "Mad Men." Panorama offers "a world of difference that brings mid-century style to fully remodeled homes." Marble windowsills and floor thresholds are holdovers from the old Panorama, and cabinet doorknobs and other hardware, while new, are inspired by the '60s. Clark Design Group was the architect of record for the renovation.
Apartments at the Panorama are larger than new-construction units. Security Properties was going to break them up into smaller residences, but company officials said they quickly realized that the bigger size would differentiate the property from the competition. The Panorama has 37 three-bedroom units, the most of any downtown Seattle building, according to Security Properties.
The penthouses at Panorama are far from the most expensive in the region. In downtown Seattle, a penthouse at the historic Cobb Building measures around 2,275 square feet and goes for $13,150 a month, said a source who asked not to be named.
Unofficially, the most expensive penthouses are in downtown Bellevue. This spring, the owner of a 4,058-square-foot condo atop One Lincoln Tower was looking to rent out the home for $20,000 a month. It was not clear Tuesday whether that apartment is still available.
At $20,000, it's still less expensive than up the street at the Bravern Signature Residences, where according to a leasing agent they're asking $25,000 for a nearly 5,900-square-foot penthouse.
