Chase Takes Over Sea-Tac Lounge Space After Port's $34M Loss
The Port of Seattle has found a way to recoup its losses on a stalled airport lounge project, with JPMorgan Chase set to take over the space. The Chase Sapphire Lounge will occupy approximately 16,000 square feet in Concourse A at Seattle-Tacoma International Airport, near Gate A11.
The Port had spent around $34 million on building out this space for a larger version of The Club at SEA, but scrapped the project last year after it stalled. Now, Chase will spend about $70 million on the build-out and later refurbishment, with rent payments starting at $500 per square foot.
The Port expects to collect an estimated $7.9 million in annual rent, which will help pay off its sunk costs by 2043. The lounge shuffle comes on top of the Port's roughly $399 million C Concourse renovation.