RENTON, Wash. - (Business Wire) The Federal Reserve Bank of San Francisco officially dedicated its new Seattle Branch today. The new building, located at 2700 Naches Avenue, SW, is on the site of the former Longacres Racetrack, on land purchased from the Boeing Company.
Officials from the Federal Reserve Bank of San Francisco (FRBSF), the Federal Reserve Board of Governors, the Federal Reserve’s Seattle Branch, along with the Mayor of Renton and the Chief Executive Officer of Boeing Commercial Airplanes participated in a ceremonial unveiling of an architectural detail – a bronze eagle – which was once part of the original façade on the Federal Reserve Bank of San Francisco’s former Portland Branch, but now graces the lobby of the new Seattle facility.
The 9.6 acre site accommodates a larger building footprint for operational efficiency, improved access for shipment and deliveries, and is equipped with enhanced perimeter security.
Vice Chairman of the Board of Governors Donald L. Kohn said, “Clearly, the safety of our employees and operations is a high priority that has become a greater focus in the post-9/11 era, but the building is more than just secure: Its design supports our mission, which is to promote a stable and efficient financial system and to conduct a monetary policy that fosters maximum employment and stable prices.”
The building houses a currency operation for receiving and distributing cash and coin to financial institutions throughout the Pacific Northwest, including Alaska, Washington, Oregon and parts of Idaho. Approximately 100 employees carry out their functions in cash services, administration, human resources, customer support, public information, community development, facilities, procurement, police services and information technology.
“We are proud today to dedicate our new facility, and to celebrate the completion of our multi-year effort to develop a new Seattle-area home for our Bank,” said Mark Gould, senior vice president in charge of the Seattle Branch. “The additional capacity, security, and technology incorporated into this building will enable us to serve our large and diverse geographic region for many years to come.”
The three-story building encompasses 100,000 square feet. Designed by Boora Architects of Portland, Oregon, the building took approximately two years of total construction time and cost approximately $53 million to build.
The Federal Reserve Bank’s former Seattle Branch location, at 1015 Second Avenue in Downtown Seattle, is now vacant. Milt Reimers and Gary Volchok of CB Richard Ellis have been engaged to handle the sale of this building.
The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco and branch offices in Los Angeles, Portland, Salt Lake City, and the Seattle area. It also operates a cash processing facility in Phoenix. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government. The Twelfth District is the largest in the Federal Reserve System, encompassing 36 percent of the nation’s land area, and 20 percent of its population, employment, and the nation’s personal income.
FRBSF
Carol Eckert, 415-977-3853
Carol.a.eckert@sf.frb.org
Steven Fisher, 425-203-0799
Steven.fisher@sf.frb.org
