November 8, 2004
| (415) 974-3240
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
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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