Assignment
SAFECO Corporation retained Pacific Real Estate Partners’ Investment Team to be the exclusive advisor and strategist on the property sale of its 500,000 SF multi-building corporate headquarters in Seattle.
Objective
To obtain the highest possible market value within a strict timetable. The certainty of closing was a high criteria.
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Challenges
The assets were to be vacated by SAFECO within a year of the sale. The submarket was a very shallow office market. The asset had significant deferred maintenance. The campus included Class A, B and C office buildings, one special use asset, a corporate housing building and non-adjacent land parcels.
Results
PREP positioned the asset for sale on the basis of multiple adaptable reuse scenarios. Urban housing, hospitals, multi-family, retail and office. The marketing process included prospective corporate/government/educational user candidates as well as domestic and international value add equity investors. PREP received over 15 offers and greatly exceeded the client’s expectations on value and timing.
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