South King County Office Report (SKCOR) Q3,
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1 South King County Office Report (SKCOR) Q3, Dan Foster Matthew Hinrichs
2 Market Table of Inventory Contents Executive Summary 2 Lease Comparables 3 Market Inventory & Vacancy 4 Big-Block Availabilities 5 Recent Investment Sales Comparables 28 Third Avenue Suite 2200 Seattle, WA
3 Market Executive Inventory Summary Absorption, Vacancy & Average Asking Rates Southend Office Occupancy Rates rose healthily over the last two quarters after more modest vacancy decreases in late 204 and early 205. Year to date the Southend has seen 246,000 SF of positive absorption, leaving vacancy overall for the entire Southend submarket at 0.2%. Despite this, average asking rates increased by $0.90/ to $ Renton and Tukwila vacancy logged in at 7.4% vacancy while the Kent Valley still hovers at 9.3%. Seatac and Federal Way vacancy rates dropped slightly to 2%-3%. South Seattle saw about % absorption to drop vacancy to 4.5%. The SKCOR most competitive subset (which represents 5.2 mil SF of the most competitive buildings in the market (see Sec. 3) bears a vacancy 22.6% vacancy rate, significantly lower than the 25.6% average rate for the trailing 5 year period. This is a direct result flight of certain tenants from CBD properties and out-of-region requirement, but most importantly growth of the native tenant base. The average space is on the market for 33 months over the 5-year trailing period, with Tukwila/ Renton absorbing space roughly twice as fast as Kent Valley properties, Seatac and Federal Way. Major Lease Transactions In the over 0,000 SF category, a Wells Fargo relocated from Cascade to Creeksides at Centerpoint for 5,000. Southlake Clinic committed to 4,000 at Time Square. Other market activity below 0,000, and particularly below 5,000 SF was very healthy especially at the high quality and well located projects of scale. In greater Kent Valley (excluding Federal Way) only Seatac Office Towers and Cascades buildings at Centerpoint can still offer a 60,000+ SF block of contiguous Southend Class A Office space. The largest contiguous block of space remains at Seatac Office Towers, where a tenant can occupy 2,420 contiguous SF floor to floor in the North Tower. After tying up this project on a sale over the summer, Alaska Air declined to move forward with the purchase. Four deals absorbed the remaining 25,000 at West Seattle Corporate Center 3 coming from Seattle CBD and one from Downtown Bellevue. Significant Sales The big news for the submarket was the sale of SeaTac Office Towers. At 62% leased, Urban Renaissance Group closed the sale from Scanlan KemperBard at only $8/SF at the end of October. Also, Radovich (JCR Company) is set to close on Dec. 3rd on the well-located Southcenter Plaza across from Westfield Shoppingtown. ECCP sold for 7.8% cap rate and $69/. In flex/business park category, Rreef accommodated Boeing Employee Credit Union (BECU) growth by selling Gateway Corporate Park Bldg 7 to BECU for $242/SF. Also, the Three Tree Medical Arts Building sold for 7.0% cap rate to Healthcare Realty Trust, at $376/SF. 28 Third Avenue Suite 2200 Seattle, WA
4 Lease Comparables Date Area Tenant Building Term Starting Rent Annual Escalations TI s PSF Free Rent (Mos.) 09/6 Tukwila Opti Staffing Fort Dent II 2, $25.00 $0.50 New Carpet & Paint 0 Chose to renew the lease earlier than the scheduled option date to get the cosmetic improvements 0/6 Tukwila Timmerman, DDS Fort Dent III 2,000 6 $25.50 $0.50 $0.00 2/5 Kent Summit Financial Van Doren s Landing Office Plaza 2, $ % $ TIs were from shell conditions 2/5 Renton Kiehl Mortgage Oakesdale Center 6, $4.00 $0.50 $ (), 9 /2 rent On 9 months half rent, tenant pays full s estimated at $8.63 /5 Tukwila Olympic Collections Riverview Plaza 2,54 65 $23.50 $0.50 $ Lease commences 0//5 0/5 Tukwila 5 Star Resorts Pacific Engineering Building, $20.00 $0.50 $ /5 Federal Way Chinese Information Center Cascade Federal Credit Union N/A 2,0 60 $9.00 $0.50 $ Third Avenue Suite 2200 Seattle, WA
5 Lease Comparables Date Area Tenant Building Term Starting Rent Annual Escalations TI s PSF Free Rent (Mos.) 0/5 Renton Dynamic Labs Blackriver Corporate Park 3, $2.50 $0.50 $ base only TI Allowance + base building work. Tenant will invest their own $$ in the space 09/5 Seattle First Call Resolution West Seattle Corporate Center, $25.00 $0.75 $ Estimate turnkey cost from shell 09/5 Seattle CH Robinson West Seattle Corporate Center 3, $ % $ Estimate turnkey cost from shell 09/5 Kent Polyform Van Doren s Landing Office Plaza 6, $ % $ /5 Renton Panattoni South 405 Place 3, $24.00 $0.50 $ Their lease at Fort Dent Two was set to expire and they needed more space. They agreed to moving to South 405 Place 09/5 Tukwila Dr. Emily Sabbagh Fort Dent II, $24.00 $0.50 $ Took over from a bankrupt company, American Laser, signed a new lease 09/5 Renton Southlake Clinic Talbot Office (7906 Talbot Rd S) N/A 6, $6.80 $0.50 $ Renewal No outside broker, Op. Exp. Approx. $8/SF 28 Third Avenue Suite 2200 Seattle, WA
6 Lease Comparables Date Area Tenant Building Term Starting Rent Annual Escalations TI s PSF Free Rent (Mos.) 08/5 Renton Ameresco Midtown Office Bldg 5, $5.00 3% $ Tenant increased sf by snapping to true BOMA 08/5 SeaTac HAL SeaTac Office Center $25.00 $0.50 $ /5 Kent Wells Fargo Centerpoint 5, $2.00 $0.50 $ Space was spec demo d and carpeted 08/5 Kent Blackpoint IT Centerpoint 0, $20.75 $0.50 $ Space was spec demo d and carpeted 08/5 Tukwila Law Offices of Daniel Whitmore Legacy Southcenter Place $26.50 $0.75 $ /5 Renton Pacific Legal 98 Powell 5,46 72 $20.00 $0.50 $24.00 Turnkey No outside broker 07/5 Tukwila Worksite Benefits Consultants Fairway Center, $20.00 $0.50 $ Third Avenue Suite 2200 Seattle, WA
7 Lease Comparables Date Area Tenant Building Term Starting Rent Annual Escalations TI s PSF Free Rent (Mos.) 07/5 Seattle Zuli Lighting th Ave S Building 7,63 63 $6.0 3% $ TI s are estimated. 07/5 Tukwila UFCW Legacy Southcenter Place, $27.25 $0.75 $ /5 Tukila CLP Resources Gateway Corporate Center, $ % $ /5 Tukwila Curtis Nagai 320 Building $20.00 $0.50 $ /5 Kent Graebel Moving Centerpoint 2, $20.50 $0.50 $ LL had spent spec money prior to TI 07/5 Tukwila Dr. Koyama Pacific Engineering Building, $2.00 $0.50 $ /5 Renton Restore Vision Oakesdale Center 5, $4.50 $0.50 $ months half rent for first 2 months 28 Third Avenue Suite 2200 Seattle, WA
8 Lease Comparables Date Area Tenant Building Term Starting Rent Annual Escalations TI s PSF Free Rent (Mos.) 06/5 Renton Southlake Clinic Times Square 3, $7.50 $0.50 $ /5 Kent SASH Centerpoint 2,276 4 mos $23.95 $0.50 $ Space was previously built out and ready to occupy, est at $35/sf 06/5 Tukwila Keithly Barber Southcenter Corporate Square 2, $20.75 $0.50 $ /5 Seattle Silverware West Seattle Corporate Center 2, $ % $25/ 2 No other concessions (not even a renewal option) 05/5 Tukwila Ray Klein PCS Riverview Plaza 2, $23.00 $0.50 $ Previous tenant defaulted on lease, space was move in ready and furnished 05/5 Tukwila Eoscene Riverview Plaza, $23.50 $0.50 $ Tenant allowance for misc items 05/5 Tukwila US Healthworks Fort Dent I 4, $24.00 $0.50 $ No TI s, no outside broker Renewal 28 Third Avenue Suite 2200 Seattle, WA
9 Lease Comparables Date Area Tenant Building Term Starting Rent Annual Escalations TI s PSF Free Rent (Mos.) 05/5 Federal Way Michelle B. Nelson Inc P.S. Ridgewood Center,79 65 $.75 $0.50 $ /5 Kent National Corp. Housing Cascade Centerpoint, mos $23.45 $0.50 $ Space was previously built-up and ready to occupy, est. at $30/sf 05/5 Kent Heritage Insurance Benson Hill Professional Center 2, mos $ % $5K 0 Good quality masonry office building, Elevator served. 04/5 Renton Regus Triton Three 20, $6.75 $0.50 $ includes Op Ex 04/5 Tukwila Sapphire Network Fairway Center 6, $8.50 $0.50 $ Tenant responsible for electric 03/5 Renton Inter-Con Security Systems, Inc Plaza 45, $8.00 $0.50 $ /5 Renton Access Media 98 Powell,97 2 $2.00 $0.50 $ No outside broker 28 Third Avenue Suite 2200 Seattle, WA
10 Lease Comparables Date Area Tenant Building Term Starting Rent Annual Escalations TI s PSF Free Rent (Mos.) 03/5 Federal Way Animal Supply East Campus Corporate Park I 7, $5.00 3% $ Renewal and expansion 03/5 Federal Way 7-Eleven Maplewood Building 2,85 72 $22.00 Gross 3% $40.00 Turnkey 0 03/5 Federal Way Animal Supply East Campus Corporate Park 7, $5.00 3% $ Expanded and relocated to the 4th floor (former Progressive space) 02/5 Renton Hanger Prosthetics South Lind Square 2, $4.00 3% $ /5 Renton King Lasik South 405 Place 4, $26.89 $0.50 $ No outside broker, included downsizing,,450, six months early Renewal 02/5 Seattle Hardsuit West Seattle Corporate Center 6, $ % $0/ 3 ROFO on adjacent 2,000 02/5 Federal Way Kennedy Jenks East Campus Corporate Park 23,70 65 $4.50 $0.50 $ Lease renewal 28 Third Avenue Suite 2200 Seattle, WA
11 Lease Comparables Date Area Tenant Building Term Starting Rent Annual Escalations TI s PSF Free Rent (Mos.) 0/5 Tukwila Dr. Michael Korn Fort Dent I 2, $24.50 $0.50 $0.00 No TI s, no outside broker Renewal 0/5 Federal Way Oxford Global Resources Fountain Plaza I 7, $20.00 $0.50 $ Expansion 0/5 Renton Lockheed Martin Triton One 2, $7.00 $0.65 $ Third Avenue Suite 2200 Seattle, WA
12 Market Inventory Bldg BUILDING NAME Address Owner Leasing Agent Year Built Project SF # Bldgs. Floorplate SF Vacant () Asking Rates Comm. Years -5 TI FRYE COMMERCE CENTER 244 SW Andover St. Bldg D Seattle, WA Charles & Emma Frye Mathews 988 2,54 0,757 2,994 $4.00 $5.50 TBD Negotiable Class B office 58.3% Leased Op. expense at $5.50/SF does not include janitorial 2 HARBOR MARINA CENTER, BLDG A,B & C 00-0 SW Klickitat Way - Harbor Marina Ctr Seattle, WA Port of Seattle CBRE 989 7, ,5 0 N/A $7.50 $5.00/ Market 6,000 SF space will be on the market soon Class B flex 95.9% Leased $3.50/SF operating expenses due to low tax basis Retec Engineering consolidated to Bellevue, opening a 6,000 SF space 3 JEFFERSON SQUARE nd Ave. SW Seattle, WA Kimco Realty Corporation Direct ,363 24,393 5,29 Withheld $7.50 5% Negotiable Looking for $28-$30 for street level retail space SW MICHIGAN STREET Seattle, WA Haslund MP LLC CBRE 929/ ,979 28,375 83,43 $8.00- $22.00 MG TBD $5.00/ $0-$20 Creative South Seattle office space High, exposed ceilings Open work plan options Southern views 5 WEST SEATTLE CORPORATE CENTER 4025 Delridge Way SW Seattle, WA Services Group of America ORION 990 6,25 23,250 8,000 $ $24.00 $8.25 $5.00/ Negotiable Class A, five stories Spectacular views of Elliott Bay and Seattle skyline Exceptional, free parking at over 3:,000 SF 6 Riverfront Tech Park 28 S 02nd Street Seattle, WA USPS Sabey , ,500 84,234 $4.50 $5.50 5% Negotiable Rehab in 996 Large sublease availability through Jan, Third Avenue Suite 2200 Seattle, WA
13 Market Inventory Bldg BUILDING NAME Address Owner Leasing Agent Year Built Project SF # Bldgs. Floorplate SF Vacant () Asking Rates Comm. Years -5 TI 7 Blackriver Corporate Park Oakesdale Avenue SW Embarcadero 275,593 Capital ORION 5,000-20,000 09,099 $2.75 $8.75 5% Turnkey most deals $0.00- $20.00 Nice office neighborhood 5.0/,000 Parking Opex down from $ Building 500 SW 7th 65,433 Isola Capital JSH 32,222 0 N/A $6.50 5% Negotiable Class B building with parking issues. 9 Triton Towers Renton Village Place 407,500 HAL CBRE 8,490-8,900 5,48 $7.00 $8.95 5% $0.00 or negotiable Boeing recently vacated 3 floors, then came back and lease 92,000 SF 0 South 405 Place 900 SW 6th Street John Radovich Direct ,007 50,82 6,346 $25.00 $8.95 5% Negotiable Exposure to I covered parking stalls Expensive finishes to common areas Valley Office Park 800 Lind Avenue Providence ,643 Direct 25,97-26, N/A $7.50 5% $0.00 or negotiable Not projected to have space for lease - Providence s HQ s. 2 The Landmark East & West 600 Lind Avenue BlackRock Andover , ,60 79,23 $6.50 $7.20 5% $40.00 warm shell Sublet available, $..50, 3 Time Square SW 39th Street 28 Third Avenue Suite 2200 Seattle, WA ,582 LBA 324, C & W 29,500-48,000 $0.00- $5.00 $7.50 $5.00/ SF $30.00 warm shell Project underwent extensive remodeling in 2002 & features onsite amenities
14 Market Inventory Bldg BUILDING NAME Address Owner Leasing Agent Year Built Project SF # Bldgs. Floorplate SF Vacant () Asking Rates Comm. Years -5 TI 4 Earlington Business Center, Bldg. B 07 SW Grady Private 23,36 ownership NAI 3,800-47,776 2,5958 $22.00 $7.00 $5.00/ N/A Building sold to King County 0/0/08 Building sold to owner/user 2Q Millennium Centre 20 Monster Road SW Ashton Development NAI ,500 9,255 9,973 $20.88 $7.00 5% Turnkey on most deals 3 floors over of parking Located by Blackriver project 6 Oakesdale Center Oakesdale Avenue SW 7th Street Blackriver Park LLC ,707 5 Mathews 5,884 24,892 $4.75 $8.50 5% $45.00 warm shell -2 floor, 5 building campus in a wooded setting New onsite amenities 7 FORT DENT 6700 Fort Dent Way Radovich Direct , ,000 0 N/A $8.50 5% Negotiable Easy access to I-405 and SR- 67. River views 8 Southcenter Corporate Square Andover Park West 223,000 PCCP 979 NAI 0,250 55, $7.25 $5.00/ Negotiable Garden-style office project 9 Southcenter Place 6400 Southcenter Parkway Legacy Mathews ,725 2,945 2,799 $28.00 $9.7 $5.00/ Negotiable Lease ready suites 20 Riverview Plaza 6000 Christensen Road 75,000 Broadreach ORION 28,000 28,390 $ $25.00 $8.25 5% Negotiable 5,200 is largest contiguous availability 28 Third Avenue Suite 2200 Seattle, WA
15 Market Inventory Bldg BUILDING NAME Address Owner Leasing Agent Year Built Project SF # Bldgs. Floorplate SF Vacant () Asking Rates Comm. Years -5 TI 2 Riverpoint Corporate Center Cascade Ave. S. O Keefe Development ,425 C & W 26, ,240 $6.00 $7.75 5% $2/SF/ YR 75,000 SF Negotiable $2 Million project face-lift includes windows, paint, landscaping, lobbies, entry-ways & TI s 0,000 largest contiguous single floor 22 Center Pointe Business Park nd Avenue S. Kent, WA NB&S Capital C & W , ,957 2,952 $.00 $9.50 $5.00/ Negotiable 48,03 SF is single floor flextech product 23 Fairway Center Interurban Avenue Schuster 82,537 Group Direct 9,474-28,375 2, $6.75 5% Negotiable Flex tech and office project 24 southcenter plaza 4900 Interurban Avenue L.D. Schneider C & W 98 58,290 25,000 8,682 $23.00 $7.00 $5.00/ SF Negotiable Project redeveloped in 2002, Rate depends on street vs. River views 25 PITNEY BOWES BUILDING 6 Andover Park East Hill Raaum Pietromonaco JLL ,38,59 6,82 $2.00 $6.78 Easy I-5, I-405 and SeaTac Airport access. 3/000 square feet parking Utilities included in s Fedex/Kinko s in building 26 SeaTac OFFICE CENTER 7900 Pacific Hwy. S. SeaTac, WA Urban Renaissance Group Mathews , ,300-55, ,647 $ $25.00 $7.50 $5.00/ Negotiable 37,98 is available space in Building III North Tower is 60% vacant 28 Third Avenue Suite 2200 Seattle, WA
16 Market Inventory Bldg BUILDING NAME Address Owner Leasing Agent Year Built Project SF # Bldgs. Floorplate SF Vacant () Asking Rates Comm. Years -5 TI 27 CenterPoint nd Avenue S. Kent, WA UNICO ,577 NAI 5,000-9, ,400 $2.75 $7.75- $8.50 $6.00/ Negotiable Part of CenterPoint Campus with daycare, restaurant, fitness center & conference center amenities 28 CenterPoint Corporate Park nd Avenue S. Kent, WA Fountainhead ,893 CBRE 8,000-30, ,023 $5.00 $6.90/ $8.37 $6.25/ Turnkey most requirements ($35.00) Part of CenterPoint Campus with daycare, restaurant, fitness center & conference center amenities 29 Van Doren s Landing Center Office Plaza West Valley Highway & South 236th Street Kent, WA Van Doren s Landing LLC Colliers ,500,883 0 N/A $6.50 5% Negotiable 3 floor building 4.8/,000 SF parking 2% multi-tenant load 30 CenterPoint CP TEchnology Bldg th Avenue S. Kent, WA BECU 8, Mathews 4,732 0 N/A N/A 2.5% Negotiated Negotiable User building For sale $32.00/SF 3 KENT OFFICE BUILDING th Avenue S. Kent, WA Hill-Raum Pietromonaco None ,4 92,4 55,894 $7.00 $4.00 5% Negotiable Flex-tech building with heavy power & telecom infrastructure 32 Fountain Plaza South 336th Street Franklin 8,280 Street Prop Mathews 5,000 63,328 $20.50 $7.00 5% Negotiable $3/SF/annum Building I-76,824 Building II-30, East Campus Corporate Park I nd Avenue S. Sterling Realty 05,344 Organization 200 Andover Company 26,500,995 $5.50 $7.50 5% Negotiated $50.00 from cold shell High quality construction 4.0/,000 parking ratio 28 Third Avenue Suite 2200 Seattle, WA
17 Market Inventory Bldg BUILDING NAME Address Owner Leasing Agent Year Built Project SF # Bldgs. Floorplate SF Vacant () Asking Rates Comm. Years -5 TI 34 East Campus Plaza S. 320th St. & Weyerhaeuser Way Pannatoni 30, Mathews 5,000 4,858 $2.50 $7.00 5% $30.00 Proposed Bldg A asking rates are $ Evergreen Corporate Plaza th Avenue S. LBA Realty 4, Mathews 57,000 76,546 $4.00 $6.50 5% $2.00 Two story office building with aluminum and glass curtain wall 36 East Campus Corporate Park IV 3450 South 344th Way LBA 65, Mathews 32,73,699 $4.00 $8.69 5% $5.00 Covered parking available 37 Golden Stone Office Building th Avenue S. Sound 38,64 Ventures 200 Mathews 7,700 6,74 $23.00 $8.36 5% $5.00 Covered parking available 38 Abam Building th Avenue Transpacific 50, Mathews 7,04 9,588 $2.00 $6.48 5% $5.00 Located at the entrance of Celebration Park 39 Ridgewood Center th Avenue S. Calista ORION 989 3, , $32.00 $7.98 5% Negotiable Recent extensive lobby and common area remodeling 4.0/,000 parking Covered parking Avail On-site storage units 40 Washington Park 3380 st Way S. Transpacific 50, Neil Walter Company 6,500 8,572 $2.00 $6.50 5% $5.00 Premier West Campus property and location 28 Third Avenue Suite 2200 Seattle, WA
18 Market Inventory Bldg BUILDING NAME Address Owner Leasing Agent Year Built Project SF # Bldgs. Floorplate SF Vacant () Asking Rates Comm. Years -5 TI 4 Maplewood Building 3395 st Way S. FAE Holdings 45983R LLC TBD ,500 5,868,555 Withheld $8.37 5% $ /,000 parking ratio 42 Russell Plaza th Avenue S. Omni 3,070 Partners Mathews 5,535 6,56 $9.50 $8.92 5% Negotiable B office project. 43 Chamber of Commerce 399 st Avenue S. Omni Partners Craig Michalak Real Estate ,000 2,500 0,204 $6.00 $8.00 5% Negotiable Class B Covered parking below 44 EAST CAMPUS CORPORATE PARK - TALON COURT 3380 Weyerhaeuser Way S. Talon Court, LLC C&W ,72 27,568 36,23 $22.00 $8.50 est 5% Negotiable 45 EAST CAMPUS CORPORATE PARK - IV Weyerhaeuser Way S. Pyramis Global Advisors CBRE ,000 24,000 72,000 $4.50 $8.50 est 5% Negotiable 46 EAST CAMPUS CORPO- RATE PARK - BLDG III Weyerhaeuser Way S. Pyramis Global Advisors 2000 CBRE 72,000 24,000 72,000 $4.50 $8.50 5% Negotiable 47 EAST CAMPUS CORPO- RATE PARK - BLDG I Weyerhaeuser Way S. MJR Development NAI ,755 27,927 27,878 $22.00 $8.50 5% Negotiable 28 Third Avenue Suite 2200 Seattle, WA
19 Market Inventory Vacancy Rate Five Year Trend 28 Third Avenue Suite 2200 Seattle, WA
20 Big-Block Availabilities Space for Lease 50,000 + in a single building Area BUILDING NAME Address Year Built Largest Contiguous Avail. Rate Federal Way EVERGREEN CORPORATE PLAZA th Ave S ,546 $4.00 Federal Way EAST CAMPUS CORPORATE PARK - BLDG III Weyerhaeuser Way S , ,945 $4.50 Federal Way EAST CAMPUS CORPORATE PARK - BLDG I Weyerhaeuser Way S , ,945 $22.00 Federal Way EAST CAMPUS CORPORATE PARK - BLDG IV Weyerhaeuser Way S , $4.50 Kent CENTERPOINT CORPORATE PLAZA - CASCADE EAST nd Ave S. Kent, WA 986/200 87,728 $5.00 Kent KENT OFFICE BUILDING th Ave S. Kent, WA ,894 $7.00 SeaTac SeaTac OFFICE CENTER - NORTH TOWER 7930 International Blvd S. SeaTac, WA ,704 Withheld Tukwila RIVERFRONT TECH PARK 28 S. 02nd St. 987/995 84,234 Sublease Renton THE LANDMARK EAST 60 E Valley Rd , Third Avenue Suite 2200 Seattle, WA
21 Recent Investment Sales Comparables BUILDING NAME Address Date Sold Gross SF Sale Price Buyer Year Built $/SF Seller SeaTac Office Center 7930 Pacific Hwy S SeaTac, WA 0/5 58,654 47,00, $80.98 Urban Renaissance Group 62% lease at time of acquisition New ownership planning $0mil Scanlan renovation/update Kemper-Bard Maplewood Office Bldg 3395 st Way S 05/5 32,074 5,850, $82 FAE Holdings 45983R LLC Multi-tenant bldg 00% occupied ATOS. Located in West Campus neighborhood of CUNA Mutual Investment Corp. Federal Way. Occupied by 8 tenants. EAST CAMPUS CORPORATE PARK I nd Ave S 03/5 05,807 $7,900, $69.8 Sterling Realty Organization Co. Located at the southeast corner of I-5 and South 320th Interchange. Frc Federal Way LLC Easy access to Seattle, Tacoma and the SeaTac airport. Parkside Building 5200 Southcenter Blvd 0/5 33,300 $6,395, $92 School Employees Credit Union Grow Investments LLC Buyer will use this building as their new HQ, moving in when their lease ends in % leased on short term w/ MTM tenants. Three Tree Medical Arts Bldg 6259 Sylvester Rd SW Burien, WA 2/4 60,6 $22,675, $376.9 Healthcare Reality Trust Incorporated Three Tree Medical Arts Bldg LLC 00% occupied. Cap Rate: 7.05% Building is connected to hospital by covered walkway. Building consists of space that can be used as medical but also office. Gateway Corporate Center Building Gateway Dr 0/4 62,700 $5,200, $ Boeing Employees Credit Union Duetsche Asset & Wealth Mgmt 95% occupancy. Asking rates: $ Third Avenue Suite 2200 Seattle, WA
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