Assignment
Following our visit to their headquarters in New York, DRA Advisors subsequently selected Pacific Real Estate Partners Investment Team to market the First and Stewart Building, their single property holding in the Seattle market. The 90,700 square foot building is located adjacent to the Pike Place Market with outstanding water views.
Objective
Create a competitive bid process that would attract the greatest number of investors and result in the highest valuation.
Select a buyer with a certainty of a smooth close with minimum retrade risk.
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Challenges
The building was 30% vacant during the marketing process with spaces that had been on the market for an extended period of time.
While the smaller floor plate was a leasing advantage for the location of the building, the resulting size of the building was too small for certain of the institutional players.
Many investors expressed concerns about market recovery with the Washington Mutual move looming in the near future.
Results
Through a focused marketing plan, the first call for offers resulted in thirteen bids competing for the asset. The competitive environment that was established and the final sale price met and exceeded the pricing expectations set in our initial marketing proposal meeting with the client.
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