What happened
The Port of Seattle voted 3-0 to postpone a 16,000-square-foot Chase Sapphire Lounge lease until October 27 after commissioners questioned equity and the effect on other airport businesses. The three commissioners present wanted the full commission to vote and staff to answer more questions. View from the Wing reports that the presiding commissioner then sought an inquiry into how public agenda materials reached Reddit.
Staff chose the bank lounge over finishing a Port-run common-use lounge already allocated $24.36 million, because it brought more rent without extra Port capital. The 15-year lease would start at $500 per square foot, or about $7.9 million a year, and Chase would invest $70 million on the build-out and a midterm refurbishment. Chase would operate the space with Airport Dimensions. Access would go mainly to Chase Sapphire Reserve personal and business cardmembers. J.P. Morgan Reserve and Ritz-Carlton cardholders would also qualify. Day passes would be sold. The Club at SEA, which Priority Pass members can use, is slated to move into United's vacated 6,096-square-foot club near gate A9.
Watch the Port of Seattle's October 27 meeting to see whether the lease is actually approved.
- Numbers
- 16,000 square feet: planned Chase Sapphire Lounge size
- 3-0 vote: commissioners voting to postpone the lease
- 6,096 square feet: current United Club size near gate A9
- 15 years: proposed lease term
- $500: starting annual rent
- $7.9 million: starting annual rent
- 10%: rent increases in years six and eleven
- $135.6 million: projected rent over the full lease
- $70 million: Chase spend on build-out and midterm refurbishment
- $24.36 million: previously approved Port spend for a common-use lounge instead
- Where
- SEA, Concourse A, Concourse B
- Takeaway
- Watch the Port of Seattle’s October 27 meeting to see whether the Chase lounge lease is actually approved.