Assignment
Disposition of a high quality 197,135 square foot Class A office building that was 83.5% leased at time of sale. The building is located in the burgeoning North Seattle CBD and featured excellent credit tenants, with Philips Electronics leasing 60% of the building.
Objective
To obtain premium pricing within a specific fixed close timeframe due to in-place debt.
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Challenges
The asset was on 2/3 ground lease and also had 16.5% vacancy still in shell condition since the building’s completion in 2002.
Results
The Pacific Real Estate Partners, Inc. Investment Team generated exceptionally strong interest which resulted in twelve purchase offers, three rounds of bidding, and nearly 10% movement in pricing from the first to final round of pricing.
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