STEWART STREET SOUTH LAKE UNION DEVELOPMENT FOR SALE SEPARATE PARCELS CONTAINING 10,394 & 9,324 SQUARE FEET Elliott Bay 1305 STEWART ST 1331 STEWART ST South Lake Union 1305 & 1331 STEWART STREET SEATTLE, WASHINGTON 98109
Elliott Bay STEWART STREET SOUTH LAKE UNION DEVELOPMENT SEATTLE CBD STEWART STREET 1305 STEWART ST 1331 STEWART ST DENNY STREET 2 SOUTH LAKE UNION STEWART STREET DEVELOPMENT
THE OFFERING CBRE, as exclusive advisor, is pleased to offer for sale a unique and desirable land stake located in the heart of Seattle s renowned Denny Triangle submarket. The Properties, with street addresses of 1305 and 1331 Stewart Street, contain a total of 19,718 SF (10,394 SF and 9,324 SF, respectively) and, with zoning designations of SM-SLU 240/125-440, represent prime development opportunities in one of the country s most sought after markets. The properties, with tenancy that includes an auto repair shop and a tattoo facility, are greatly under-utilized in comparison to their potential and, although in-place lease(s) expire in 2021, this offering assumes an early termination can be negotiated. A summary of the Offering and lease information is summarized later in this document with details available upon request. The Owner is offering the Property to qualified potential purchasers on a fee simple basis and will consider a variety of offers and approaches regarding the sale. Investors and users interested in the site are encouraged to discuss and pursue concepts that best fit their criteria. The Property is being offered without a list price, and, while it is anticipated that a call for offer date will be established, the Owner reserves the right to review and consider individual offers as received. While the properties are being marketed together, offers for individual sites will also be considered. For interest in adjacent parcels, please contact the Broker for additional details HIGHLIGHTS Premiere Seattle CBD market location with excellent exposure along Interstate 5 and unparalleled access to both downtown and South Lake Union Coveted Denny Triangle/South Lake Union Location; Nearby neighbors include blue chip organizations such as Amazon, Google, HBO, University of Washington, Fred Hutchinson Cancer Research, REI and The Bill and Melinda Gates Foundation High-rise zoning designation of SM-SLU 240/125-440 Two subject site sizes of 10,394 SF and 9,324 SF, respectively. Potential to increase development by 14,260 SF to a total of 33,278 SF through acquisition of neighboring parcels Walk Score of 91 and transit score of 100 Properties offered together or separately; Please call for information regarding neighboring parcels 3
STEWART STREET SOUTH LAKE UNION DEVELOPMENT PROPERTY SPECS ADDRESS 1305 & 1331 Stewart Street Seattle, Washington 98109 PARCEL NUMBERS 6849700305 6849700340 LAND AREA ±10,394 SF ±9,324 SF ZONING SM-SLU 240/125-440 City of Seattle DENSITY TOPOGRAPHY POTENTIAL USES PURCHASE PRICE Highrise Flat Office, Multi-Family, Senior, Hotel Market Determined THE SEATTLE CBD, LOCATED JUST SOUTH OF THE SUBJECT PROPERTY, HAS BOTH THE HIGHEST NUMBER AND THE LARGEST CONCENTRATION OF JOBS WITHIN THE ENTIRE PACIFIC NORTHWEST REGION. 4 SOUTH LAKE UNION STEWART STREET DEVELOPMENT
47.1 MILLION S Q UARE FEET OF OFF I C E SPAC E IN S E AT TLE PARCEL VIEW RE GIO NAL O FFI CE MA R KE 1331 STEWART 9,324 SF 1305 STEWART 10,394 SF 5
8.7 MILLION SQUARE FEET OF NEW CONSTRUCTION IN SOUTH LAKE UNION PROPERTY LOCATION Benefiting from a central location proximate to South Lake Union, Capitol Hill and the Seattle CBD, 1305 and 1331 Stewart provides both convenience of proximity and incredible visibility. Directly north of the Property is the thriving South Lake Union market, anchored by Amazon and home to innovative world-class companies primarily doing business in the technology, biotechnology and life science sectors. Over the last 20 years, Lake Union has emerged from an afterthought to one of the most sought after locations in the country, providing residents with a host of living, entertainment and retail venues in which to engage. Just south of the Property lies the Seattle CBD, the highest density and largest jobs providing submarket in the entire northwest. Since 2010, job growth has been robust, with nearly 30,000 jobs added to this market alone, primarily in the high-paying FIRE sectors. Residential development in the area has thrived over this period, with an estimated 70+ residential buildings providing upwards of 11,000 units to the downtown core. Development continues unabated, with cranes bringing additional vitality to the area visible in any direction. 6 SOUTH LAKE UNION STEWART STREET DEVELOPMENT
MAJOR EMPLOYERS Dominated by the substantial and growing presence of Amazon, the South Lake Union market is home to an impressive list of additional employers, including Google, University of Washington Medicine, Facebook, Microsoft and Zillow. The Seattle CBD and associated markets including the Denny Triangle and south Lake Union continue to attract highly skilled workers with both jobs and a vast array of amenities of the restaurant, entertainment and hospitality varieties. This concentration of talent and opportunity is self-reinforcing and bodes well for the future of the area. In addition to the tenants noted above, Docusign, Salesforce, Nordstrom, Twitter and Russel Invesments all maintain a significant presence within a two mile radius of the development sites. While the Puget Sound Region has long been associated with prominent firms including Boeing, Microsoft and Starbucks, relatively newer entrants have cemented the areas as a center of growth and include such high growth and 21st century firms as: Amazon Tableau Expedia Real Networks Fred Hutchinson Cancer Research University of Washington Google PEMCO Insurance REI Costco Facebook MAJOR SEATTLE CBD EMPLOYERS Allen Institute Amazon Bill & Melinda Gates Foundation Facebook Fred Hutchinson Cancer Research Center Google UW School of Medicine Research 7
SEATTLE CBD DEVELOPMENT OVERVIEW THRIVING DEVELOPMENT SECTOR As can be seen from the nearby map, the area immediately surrounding the Subject Properties continues to grow at an impressive rate, underscoring both the rise in commerce and the appeal of the closein environment. Noted developments include those associated with Amazon, techonolgy firms, multifamily, hostipality and bio science, again reiterating the knowledge economy of which South Lake Union and the Denny Triangle represent the heart. KEY Amazon.com owned and occupied 1 Amazon.com under construction 1 Amazon.com proposed 1 Amazon.com rights/options 1 Office under construction Office proposed Medical/research/non-profit Medical/research/non-profit under construction Medical/research/non-profit proposed Major retail/shopping centers Retail/shopping centers proposed Multifamily/hotel under construction Multifamily/hotel proposed Arts/cultural/tourism Arts/cultural/tourism proposed Amazon.com tenancy 1 SLU Streetcar Downtown Transit Tunnel (LINK Light Rail, Sound Transit & Metro buses) 8 SOUTH LAKE UNION STEWART STREET DEVELOPMENT
SOUTH LAKE UNION STEWART STREET DEVELOPMENT SITE SITE 9
Outstanding Demographics The Property boasts extremely attractive demographics, with a high percentage of workers in the area engaged in white collar professions contributing to an average household income of approxiumately $80,000 + per annum. As a further indication of wealth, average home prices in the area currently top $500,000 within a 2-mile measurement. 2016 DEMOGRAPHIC ESTIMATES.5 MILE 1 MILE 2 MILES Population 22,226 67,303 150,306 Daytime Population 35,978 189,253 327,637 2021 Projected Population 24,690 75,530 75,530 Population Change, 2010-2016 2.69% 2.88% 2.23% Projected Population Change, 2016-2021 2.12% 2.12% 1.97% Median Age 33.30 34.50 35.70 Number of Households 15,297 43,993 87,099 Average Household Size 1.40 1.44 1.62 Average Household Income $74,042 $79,134 $88,809 Average Home Value $336,029 $404,902 $501,726 Avereage Number of Vehicles 7,351 20,703 40,377 Bachelor s Degree or Higher 7,036 20,670 44,803 White Collar Professionals 12,375 36,514 76,377 Source: Nielsen 10 SOUTH LAKE UNION STEWART STREET DEVELOPMENT
.5 MILE 1 MILE 2 MILES 11
STEWART STREET SOUTH LAKE UNION DEVELOPMENT For more information: STEVE BRUNETTE First Vice President +1 206 292 6007 steve.brunette@cbre.com CBRE, Inc. 1420 Fifth Avenue Suite 1700 Seattle, WA 98101 2017 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written content of the owner is prohibited. TL 7-21-17