Schnitzer West bought the existing property from the College Club of Seattle in 2007 and hoped to begin construction of a skyscraper as early as 2008.[7] In the meantime, however, the late-2000s recession struck the economy and consequently the fate of many commercial real estate projects came under doubt, including 505 Madison.[8] Further development of the project hinged on securing a sufficient number of preleases by 2009,[9] which did not occur.[10]
In 2012, the project was revived and the developer began seeking permits to start construction.[11] Demolition of the pre-existing buildings on the site began in early September 2014.[12] In February 2016, Cornerstone Real Estate Advisers (now Barings) announced that it would enter a joint venture with Schnitzer West to develop Madison Centre.[13] Construction on the tower topped out in October 2016,[14] and the tower opened for occupancy in October 2017.[6]
The retail space facing Marion Street was leased to Amazon Go, the second store for the cashier-less convenience store. It opened on August 27, 2018.[16]Hulu signed a major lease for 67,400 square feet (6,260 m2) within the building in April 2019.[17] Amazon Go closed in June 2023 and is planned to be replaced in 2024 by a small delicatessen and market.[18]
