November 8, 2004

San Francisco Federal Reserve Bank Reaches Agreement on Site for New Seattle Branch Building

SAN FRANCISCO, November, 2004: The Federal Reserve Bank of San Francisco (FRBSF) today announced it has signed a purchase and sale agreement with The Boeing Company to purchase 10.8 acres on an undeveloped portion of the Longacres Office Park in Renton, Washington, for a new Greater Seattle Metropolitan area branch building. The FRBSF announced in September last year, that it was in the early stages of site selection for a new facility to replace the existing branch, which will not support the long-term space needs and security requirements of the Federal Reserve's businesses in Seattle.

The Fed identified and assessed a number of sites throughout the Greater Seattle Metropolitan area, within and outside Seattle city limits. "We appreciate the support we received from the City of Seattle's Office of Economic Development which helped identify sites included in our analysis," said John Moore, First Vice President & Chief Operating Officer of the Federal Reserve Bank of San Francisco. "In the end, we chose the site that best met our requirements."

"We also appreciate the effort that Boeing Realty Corporation and the City of Renton put forth to make this agreement possible," Moore said. "The selection of the Longacres Office Park site represents an opportunity for the Federal Reserve to construct a facility that meets our operational and security requirements, while remaining in the Greater Seattle Metropolitan area."

Schematic design work is now underway for the new facility, with Boora Architects of Portland, Oregon, leading the design effort. The new facility will replace the 54-year-old Seattle branch, which is located at 1015 Second Avenue in downtown on a half-block parcel of 24,920 square feet. The Seattle branch is part of the 12th District of the Federal Reserve System, employing approximately 154 employees now working in various functions such as cash and check processing, customer relations, community affairs, and public information.

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, branch offices in Los Angeles, Portland, Salt Lake City, and Seattle, and a cash processing office 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.

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