Assignment
On behalf of Archon, Pacific Real Estate Partners’ Investment Team was selected to drive the sale of 720 Olive Way. This 286,983 square foot Class A high-rise is located in the North CBD submarket of Seattle.
Objective
To create a dynamic marketing plan and complete transaction within 90 days. Additionally, PREP focused on tier one group investors, who were selected from their extensive and organized database.
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Challenges
Recent transactions on higher floors were completed 12.5% to 25% below our proforma.
Results
The PREP Investment Team provided great attention to detail during the due diligence process and ultimately achieved a total sale price of $83,675,000 ($291/sf), exceeding the expectation of the client.
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