Assignment
When the University of Washington decided to consolidate and house various functions under one roof, they turned to Pacific Real Estate Partners. Our team was charged with coordinating and leading the market search for a 90,000 square foot facility, located near the main campus in Seattle’s University District.
Objective
Locate a property that met all of the client’s immediate needs, as well as those projected to emerge during the next ten years due to growth or transition. Negotiate favorable purchase or long-term lease conditions and terms, including occupancy in 2002.
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Challenges
The limited availability of suitable properties in the client’s target area, the University District, brought a layer of complexity to this project. Tenant confidentiality was imperative in order to ensure fair negotiations that would yield terms and conditions most advantageous to the University of Washington.
Results
Pacific Real Estate Partners was selected for our in-depth knowledge of the target market. We compiled a comprehensive profile of the client’s requirements. Our team then conducted a search of our vast properties database, and made one-on-one contacts to explore other opportunities known through personal relationships and connections. Ultimately, we identified several Class A properties, and within weeks our team negotiated with a 12-year lease of an 89,000 square foot property with terms that reflected below market rates. Throughout the process, we maintained strict client confidentiality.
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