Views on Fifth Ave office / Hotel Redevelopment Or lease 410 5th Ave SW olympia, WA 98501 - Urban waterfront - Housing 35 9 story grandfathered Permitted for hotel development hotel permits in place
Site Introduction SW 4th Ave W 5th Ave SW Capitol Way S Plum St t NE 1 01 Cushman & Wakefield Commerce Real Estate Solutions is pleased to present Views on Fifth Ave, a existing building ideally located in Olympia s CBD. The site allows close proximity to downtown and spectacular views of the State Capitol across Capitol Lake. Wa State capital Union Ave 14th Ave %&'( 5 Currently in shell condition, the property is well suited for creative redevelopment of a leasing opportunity. Originally used for office, this nine story was built prior to the recent zoning change to 35 feet, and therefore provides uniquely expansive views. The property, which is currently vacant and in shell state, holds various permits granting a full remodel and change of use to hospitality. Although the building can still be used for office, the site s proximity to the capitol, accessibility along one of the city s main arteries, and a strong hospitality market make it a one of a kind opportunity for a hotel. 105
9100520-100 9100550-2000 Property Snapshot Summary Data Address 410 5th Ave SW Location/Submarket Downtown Olympia County Thurston Parcel Number 9100550-2000 2014 Tax Assessment $2,396,100 Use Type Hotel/Office Shell Land Area 28,750 SF Frontage, Depth W-115, S-250, E-115 Zoning Urban Waterfront Housing 35 (UW-H) FEMA Flood Map Zone C* Utilities Electric, Gas, Water, Sewer and Telephone Improvements Building Area 74,958 SF Construction Type Structural Steel Year Built 1965 Stories 9 Stories Occupancy Vacant Parking 42 Striped Stalls
Capitol Way S Quince St NE Views on fifth ave Bigelo olympic yacht club bayview thriftway Deschutes Pkwy SW 4th Ave W 5th Ave SW Site State Ave NW State Ave NE 4th Ave E Legion Way Eastsi Capital Lake Union Ave Plum St Wa State capital Henderson Blvd 14th Ave
Property photos
S Mud Bay Rd W Harrison Ave NW 2 Percival St NW 5th SW Ave SITE Plum St Quince St NE Bigelow Ave NE Eastside St 4th Ave E Way Legion State Ave N E Martin Way E 1 Way Martin 21 Cooper Point SW Rd +, 101 Ave SW st Lake Blvd Black SW Deschutes Pky SW Union Ave 14th Ave Capitol Way S Olympia 22nd Ave Boulevard Rd %&'( 5 18th Ave Ave Pacific ethst Elizab 14th Ave Lacey Blvd Ruddell Rd Cain Rd Rd Mottman SW Blvd en derson H Johnson Rd SW W R SW Sapp Rd SW Irving St N 6th Ave SW Deschutes SW Way Capitol BlvdS Cleveland Ave North St Henderson Blvd Lacey College St 54th Ave SW Linwood Ave SW Trosper Rd SW 2nd Ave recent comparable sales S SW Trooper Rd Property Name/Address C Tumwater 3 Sale Price Yelm Hwy Price PSF Total SF Year Built Type Parking NOTES 1 Lacey Holiday Inn 4460 3rd Ave Lacey, WA 98503 sold: 9/10/2014 $8,750,000 $194.60 44,963 SF 2007 Hotel 72 free surface spaces $106,707/Room 82 room hotel Building, Avg room size 385/SF 2 421 Black Lake Blvd SW 2000 4th Ave W. Olympia, WA sold: 5/2/2014 $12,043,600 $131.00 91,929 SF 1988 Office B NA Leased 100% 3 M Parsons Plaza 1111 Israel Rd SW Tumwater, WA 98501 $16,700,100 $318.04 52,510 SF 2008 Office B 110 free surface spaces Leased 100% 101 days on the market sold: 1/3/2014
demographics 1 mile 3 miles 5 miles Demographics 1 Mile 3 Miles 5 Miles 15 Mins Population Estimated Population 8,645 56,159 108,985 201,735 Projected Population 9,353 60,781 117,913 218,332 Households Estimated Households 4,519 24,740 46,525 82,181 Projected Households 4,962 27,167 51,089 90,189 Daytime Demographics Daytime 1,350 4,204 6,553 8,837 Total Employees 20,451 49,697 76,915 97,735 Labor Force Labor Population Age 16 Yrs + 7,599 46,307 89,012 161,718
LBA seeks tenants for Portside project in Fife LBA Realty started construction in August on Portside Industrial Center in Fife and now has opened up leasing for the space. The 485,500-square-foot complex will have six buildings on 29 acres at 6500 20th St. E. Adolfson & Peterson Construction expects to finish the concrete tilt-up buildings in early to mid- 2015. The U.S. economy gained some steam through the The industrial market continued to perform well through 2013 and is latter part of the year with Q3 GDP raised to expectedd to continue with that momentum into 2014. Construction 4.1%. Additionally, job growth has expanded with activity through mid-yearr 2014 is expected to be very strong and will just over 2 million jobs added over the past 12 test the markets ability to absorb space. As this new product comes months. These improvements have pushed the online, vacancy rates willl likely trend up slightly as new construction U.S. unemployment rate down too 7.0%, the lowest outpaces absorption in the short run. However as the year progresses,, it has been since November of 2008. absorption is expected to remain strong and begin to catch up with this construction. Lease rates are also expected to rise as newer, better The Seattle-Tacoma-Bellevue area continued to perform better than the product comes to the market. overall U.S. economy as the unemployment rate dropped by a 0.8 percentage point (pp) on a year-over-year basis to 6.0% %. Although this STATSS ON THE GO represents a 0.8-pp drop over the prior year it is also a 0.8-pp increase Q4 2012 Q4 2013 Y-O-Y 12 MONTH from the low of 5.2% in April and May.. The ISM Manufacturing Index CHANGE FORECAST continued to improve fluctuating f between 49.0 and 57.3 with all but one Overall Vacancy 7.4% 6.6% -0.8pp month coming in over 50 over the past 12 months. Scores above 50 are associated with an expanding manufacturing sector and healthy GDP Overall Asking Rents $0.45 $0.43-4.4% (psf/mo)) growth overall. YTD Leasing Activity (sf) 6,648,674 4,188,418-37.0% The industrial market continued to show signs of strengthening as the overall vacancy rated dropped by 0.8 percentage points (pps) from 2012 OVERALL RENTAL VS. VACANCY RATES to end at 6.6%. Despite the declining vacancy rate, average asking rental $0.50 12.0% rates declined by 4.4%. This drop was largely due to nicer, newer $0.48 10.0% product being removed from the market. $0.46 8.0% Construction within the South King and North Pierce Counties markets $0.44 6.0% came in at just over 1.6 million square feet (msf) as companies expanded $0.42 4.0% and developers becamee more bullish and willing to build speculative product is not expected to be on the market until the end of 2015. $0.40 2.0% buildings. Several new buildings have already broken ground and are However, Microsoft layoffs and corporate consolidation could result $0.38 0.0% After a slow first quarter, the U.S. economy expected to be completed in 2014. Currently there is approximately in hugee amounts of quality space becoming available. Further out on 2009 2010 2011 2012 2013 responded strongly with GDP increasing by 1.8 msf of product under construction,, all of which is expected to be the pipeline are a few corporate parks, including Esterra Park, the 4.6% in Q2 2014. Other indicators continued completed by mid-year 2014. There are a number of other projects in OVERALL NET RENTAL RATE OVERALL VACANCY RATE Spring District, and Talus Corporate Park. With little space available to show strength as U.S. retail sales increased the planning stages as well that will likely be started as these existing and nearly no new product under construction, tenants wanting to at an annual rate of 8.4% since January. projects become occupied. The majority of the projects currently occupyy space on the Eastside will have to find creativee solutions to Inflation remained in check at just 2.3% over the samee period under construction are being built on a speculative basis. OVERALL OCCUPIER ACTIVITY make their needs met or look elsewhere. resulting in a strong 6.0% increase in real spending. As spending Port activity for the Puget Sound area including the Port of Tacoma and 8.0 expands, the employment sector is expected to keep improving. the Port of Seattle is down slightly with a 3.6% decline over the prior 6.0 Employment growth remained strong across the U.S. economy as STATS ON THE GO year. This indicator is helpful in showing the flow of goods through the nearly two million jobs were added through the first nine months of Q3 2013 Q3 2014 Y-O-Y 12 MONTHH state and has an impact on the need for industrial space. 4.0 the year. The current unemployment rate of 5.9% is the lowest it has CHANGE FORECASTT 2.0 been since July, 2008. The job market outlook also looks promising Overall Vacancy 13.3% 10.8% -2.5 pp as there were 799,0000 more job openings in July 2014 than in Januaryy Directt Asking Rents $28.14 $29.39 4.4% 0.0 2014. Another notable storyline is that in the September job s (psf/yr) 2009 2010 2011 2012 2013 report, 105,000 jobs were added across the three main office-using YTD Leasing Activity 1,114,885 2,627,901 135.7% (sf) LEASING ACTIVITY UR SALES sector ACT rs. TIVITY This represents only the fifth time in the past decade that office-usinsingle month. The Seattle-Tacoma-Bellevue area maintains healthy employment has increased by more than 100,000 in a The market terms and definitions in this report are based on NAIOP standards. No DIRECT RENTAL VS. VACANCY RATES Commerce Real Estate Solutions For more information, contact: 1 warranty or representation, express or implied, is made to the accuracy emplo or oyment completeness numbers with an unemployment rate of just 5.2% as jobs Scott Lovell, Corporate Research Director of the information contained herein, and same is submitted subject to errors,, omissions, $ $30.00 20.0% change of price, rental or other conditions, withdrawal without notice, were and to added any special at a rate of 2.9% over the past 12 months. Seattle, WA 98101 801 303 5451 listing conditions imposed by our principals. $ $29.00 slovell@comre.com 2013 Cushman & Wakefield, Inc. All rights reserved. 15.0% $ $28.00 The Eastside office market remained tight, with the overall vacancy 10.0% $ $27.00 rate dropping 2.5 percentage points ( pps) on a year-over-year basis to 10.8%. Bellevue CBD continued to be a popular destination for $ $26.00 5.0% The Southend market will continue to benefit from the excess of tenants, and as a result direct class A rents climbed $0.21 per square $ $25.00 0.0% tenants looking for space in the Seattle CBD and the Eastside After a slow first quarter, the U.S. economy foot (psf) from the prior quarter to $39.47 psf. Eastside Suburban 2010 2011 2012 2013 Q3 2014 markets. As space becomes more expensive in those markets, many responded strongly with GDP increasing by reported huge improvements with vacancy rates dropping in every companies may decidee to look at the Southend to meet their submarket except Bel-Red. Additionally, half of the submarkets have DIRECT GROSS RENTAL RATE DIRECT VACANCY RATE 4.6% in Q2 2014. Other indicators continued requirements. Expect to see the vacancy rate to show strength as U.S. retail sales increased less than 40,000 square feet (sf) overall available of class A space (4055 keep ticking downward with a slight increase in average asking rates, at an annual rate of 8.4% since January. Corridor, 520 Corridor, Bel-Red, Kirkland). as no new construction is expected to come online in the next couple OVERALL OCCUPIER ACTIVITY Inflation remained in check at just 2.3% over the same period Costco signed the largest lease of the quarter for 176,656 sf in of years in this market. 3..0 resulting in a strong 6.0% increase in real spending. As spending Sammamish Park Place with a move in date estimated for Q4 2015. 2..5 expands, the employment sector is expected to keep improving. The online retailer will also be expanding at its main campus, as the 2..0 Employment growth remained strong across the U.S. economy as STATS ON THE GO Issaquah City Council recently announced it would allow Costco to 1..5 nearly two million jobs were added through the first nine months of Q3 2013 Q3 2014 Y-O-Y add 122 up to 1.5 million sf at its headquarters in Pickering Place. 1..0 the year. The current unemployment rate of 5.9% is the lowest it has CHANG MONTHH 0..5 E FORECC been since July, 2008. The job market outlook also looks promising AST 0..0 Curre T ently there is only one speculative office building under as there were 799,0000 more job openings in July 2014 than in Januaryy Overall Vacancy 19.8% 19.2% -0.6pp 2010 2011 2012 2013 YTD 2014 construction on the Eastside, Trammell Crow s 929 Office Tower in 2014. Another notable storyline is that in the September job s Directt Asking Rents (psf/yr) $20.23 $21.13 4.4% downtown Bellevue. Kemper Freeman Development and Schnitzer LEASING ACTIVITY UR SALES ACTIVITY report, 105,000 jobs were added across the three main office-using NW both have proposed projects soon to start construction. New sectors. This represents only the fifth time in the past decade that YTD Leasing Activity (sf) 141,598 272,517 92.5% office-usinsingle month. The Seattle-Tacoma-Bellevue area maintains healthy employment has increased by more than 100,000 in a DIRECT RENTAL VS. VACANCY RATES The market terms and definitions in this report are based on NAIOP standards. No employment numbers with an unemployment rate of just 5.2% as jobs Cushman & Wakefield Commerce For more information, contact: 1 warranty or representation, express or implied, is made to the accuracy or completeness were added at a rate of 2.9% over thee past 12 months. $ $24.00 25.0% Alicia Ames, Senior Research Specialist of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special $ $23.00 Seattle, WA 98101 206-682-0666 20.0% listing conditions imposed by our principals. $ $22.00 /research aames@comre.com 2014 Cushman & Wakefield, Inc. All rights reserved. The Southend market has maintained its improvement throughout $ $21.00 15.0% 2014 with the direct vacancy rate decreasing by 1.3 percentage points $ $20.00 10.0% (pps) year-over-year to 18.1%. Although, the Southend is still a $ $19.00 5.0% $ $18.00 tenants market with an overall vacancy rate of 19.2%, this really only $ $17.00 0.0% applies to smaller spaces. The two tightest markets in the Southend expected to drop into the single digits for all CBD submarkets and 2010 2011 2012 2013 Q3 2014 are Renton and Tukwila, which are both considered part of the close- rents are expected to increase. After a slow first quarter, the U.S. economy in office market. With an overall vacancy rate of 13.4% in Renton and DIRECT GROSS RENTAL RATE DIRECT VACANCY RATE responded strongly with GDP increasing by Two major factors aree heavily influencing the supply in the Seattle 14.2% in Tukwila there are currently only two buildings that could 4.6% in Q2 2014. Other indicators continued CBD. First, the 3.9 million sf (msf) of construction currently under accommodate a tenant looking for available space of 20,000 square to show strength as U.S. retail sales increased way is in the Denny Regrade and Lower Queen Anne/Lake Union feet (sf) or more. This will be a common trend for the foreseeable OVERALL OCCUPIER ACTIVITY at an annual rate of 8.4% since January. submarkets. Second, a large portion of this new product has already future. 800 Inflation remained in check at just 2.3% over the samee period been leased by Amazon. The remaining new supply includes an Major news this quarter was the announcement that Weyerhaeuser resulting in a strong 6.0% increase in real spending. As spending estimated 1.5 msf available for lease, which may slightly raise the 600 will be relocating to Pioneer Square in 2016. Their headquarters in expands, the employment sector is expected to keep improving. vacancy rate once delivered, but until then vacancy rates will continue Federal Way, which consists of 560,000 sf, has been put on the 400 to decrease. Employment growth remained strong across the U.S. economy as market for sale. Although, this is a major setback to the Southend it 200 nearly two million jobs were added through the first nine months of STATS ON THE GO could also be looked at as an exciting time. It is expected that the one the year. The current unemployment rate of 5.9% is the lowest it has Q3 2013 Q3 2014 Y-O-Y 122 of a kind campus will generate lots of f interest from potential buyers. 0 been since July, 2008. The job market outlook also looks promising CHANG MONTHH 2010 2011 2012as there 2013 were 799,000 YTD 02014 more job openings in July 2014 than in Januaryy E FORECC ASTT 2014. Another notable storyline is that in the September job s LEASING ACTIVITY UR SALES ACTIVITY Overall Vacancy 15.1% 10.8% -4.3 pp report, 105,000 jobs were added across the three main office-using sectors. This represents only the fifth time in the past decade that Directt Asking Rents (psf/yr) $30.81 $31.39 1.9% office-usinsingle month. The Seattle-Tacoma-Be 1 ellevue area maintains healthy employment has increased by more than 100,000 in a YTD Leasing Activity (sf) 2,672,913 2,020,419-24.4% The market terms and definitions in this report are based on NAIOP standards. No Cushman & Wakefield Commerce For more information, contact: warranty or representation, express or implied, is made to the accuracy or completeness Alicia Ames, Senior Research Specialist of the information contained herein, and same is submitted emplo subject oyment to errors,, omissions, numbers with an unemployment rate of just 5.2% as jobs change of price, rental or other conditions, withdrawal without notice, and to any special Seattle, WA 98101 206-682-0666 were added at a rate of 2.9% over the past 12 months. DIRECT RENTAL VS. VACANCY RATES listing conditions imposed by our principals. /research aames@comre.com 2014 Cushman & Wakefield, Inc. All rights reserved. $ $32.00 25.0% $ $31.00 The Seattle CBD market continued to perform well as the overall $ $30.00 20.0% vacancy rate declined by 4.3 percentage points to end at 10.8%. $ $29.00 15.0% Although supply is tightening across all segments, large block and $ $28.00 $ $27.00 10.0% premium spaces experienced the greatest absorption. Tech $ $26.00 companies have been very active and have been the driving factor in 5.0% $ $25.00 pushing vacancy rates lower. $ $24.00 0.0% 2010 2011 2012 2013 Q3 2014 Amazon maintains its expansion with a 262,726-square-foot (sf) leasee in Children s Hospital s former 1915 Terry Building, located in Lower DIRECT GROSS RENTAL RATE DIRECT VACANCY RATE Queen Anne/Lake Union. Weyerhauser, in a surprising announcement, stated it would be moving a large portion of its operation from its sprawling Federal Way campus to the yet unbuilt OVERALL OCCUPIER ACTIVITY 200 Occidental, signing a lease in the Pioneer Square building for 5..0 165,996 sf. 4..0 3..0 Seattlee CBD is becoming an increasingly popular destination for 2..0 companies while spaces over 100,0000 sf are becoming difficult to find. 1..0 The Financial District is expected to experience strong leasing activity 0..0 as a result of overflow from Pioneer Square and Lake Union, the 2010 2011 2012 2013 YTD 2014 tightest submarkets for class A office space in Seattle CBD. With more competition for office space in downtown Seattle, vacancy is LEASING ACTIVITY UR SALES ACTIVITY The market terms and definitions in this report are based on NAIOP standards. No Cushman & Wakefield Commerce For more information, contact: 1 warranty or representation, express or implied, is made to the accuracy or completeness Alicia Ames, Senior Research Specialist of the information contained herein, and same is submitted subject to errors,, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special Seattle, WA 98101 206-682-0666 listing conditions imposed by our principals. /research aames@comre.com 2012 Cushman & Wakefield, Inc. All rights reserved. 28 42 4.4 1.5 0 5.1 0.6 44 6.9 0.8 6.6 0.7 4.2 0.5 3.3 0.3 4.3 0.1 39 3.9 2.4 0 1.8 3.1 2.1 0.3 3 22 2.2 0.2 0.1 2.4 0.2 2.6 0.1 Puget Sound Investment Advisory Group Contact us for: Quarterly Market Reports Daily Investment Newsletter MARKETBEAT INDUSTRIAL SNAPSHOT ATTLE, WA (KENT VALLEY) Q4 2013 A Cushman & Wakefield Alliance Research Publication ECONOMIC OVERVIEW OUTLOOK OFFICE MARKET OVERVIEW OUTLOOK INDUSTRIAL MARKET OVERVIEW MARKETBEAT OFFICE SNAPSH HOT ATTLE, WA SUBURBAN A Cushman & Wakefield Research Publication ECONOMIC OVERVIEW psf/yr msf 413 psf/mo msf 623 456 214 MARKETBEAT OFFICE SNAPSH HOT BELLEVUE, WA A Cushman & Wakefield Research Publication Q3 2014 OFFIC 4 CE MARKET OVERVIEW 675 104 OUTLOOK MARKETBEAT OFFICE SNAPSH HOT ATTLE, WA CBD A Cushman & Wakefield Research Publication OFFICE MARKET OVERVIEW OUTLOOK ECONOMIC OVERVIEW ECONOMIC OVERVIEW psf/yr msf psf/yr msf 0.09 Q3 20144 Q3 20144 DAILY INVESTMENT NEWS CUSHMAN & WAKEFIELD COMMERCE INVESTMENT ADVISORY GROUP FRIDAY OCTOBER 31, 2014 LOCAL HEADLINES Ballard a savory spot for developer's next condo project called Salt InHaus Development's latest project is called Salt Ballard Condos. It's a 38-unit project at 5601 20th Ave. N.W. That's about a block north of Swedish Medical Center in the commercial core of the neighborhood. Construction is scheduled to begin early next year, and the project is expected to open in summer 2016. Landmarks board meets next week on Broadacres Building nomination On Nov. 5, the Seattle Landmarks Preservation Board will consider the nomination of the Broadacres Building at 1601 Second Ave. once home to Nordstrom Rack as a city landmark. A filing with the city shows that in 2012, an entity of Principal Global Investors, which owns the Broadacres Building and an adjacent property at 1613 Second Ave., proposed putting a 440-foot tower with a hotel and housing at 1613 Second. Selig continues empire expansion If anyone is bullish about the continued expansion of the Puget Sound region's economy, it's Martin Selig. The founder of Martin Selig Real Estate is moving forward with about a million square feet of office and residential projects, including a 36-story apartment and office tower in downtown Seattle. But it's a project in Ballard that is perhaps most curious. Big Gig Harbor senior facility moves forward Developers of the Heron's Key senior living facility, billed as the largest construction project in Gig Harbor history, say they've received commitments for 50 percent of the facility's planned units. Ground on the 17-acre, $180 million project is expected to begin next summer, with construction finished by 2017. Capitol Hill without The Stranger? Newspaper considers move to Pioneer Square or Ballard If there's one business that is emblematic of Capitol Hill, it's The Stranger. But now the irreverent publication could move off the hill where it has operated for 22 years. Publisher Tim Keck, who launched the paper in 1991, says the move is certain, and that Pioneer Square is one possible new location. Keck hopes to sign a new lease for 10,000 square feet by February or March. Sound Transit floats $15 billion rail plan The Seattle Times reports Sound Transit is floating the idea of a 2016 ballot initiative that would fund $15 billion in new projects, including bringing light rail to Everett, Redmond, QUICK RESOURCES Additional Research Reports For more information: INVESTMENT SALES GARY DANKLEFN, CRE STEVE BRUNETTE, CCIM EVAN OLSON DEBT / EQUITY GORDON AHALT (206) 521 0262 gordon.ahalt@comre.com MANAGING BROKER DAVE MAGEE, Market Leader, Washington Region (206) 521 0267 dave.magee@comre.com CUSHMAN & WAKEFIELD COMMERCE Tel Fax (206) 521 0298 Confidentiality & Conditions Commerce Real Estate Solutions, LLC ( Agent ) has been exclusively retained to offer to qualified investors an opportunity to purchase theviews on Fifth Avenue, located in, (the Property ). This Property is being offered for sale is in an as-is, where-is condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this document. Any offering materials provided are done so solely to facilitate the prospective investor s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners, and directors, as to the accuracy or completeness of the information contained herein. Summaries contained of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserve the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price, or other terms prior to sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation, and/ or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller s obligations there-under have been satisfied or waived.