The ownership of this Pioneer Square office property, which Kidder Mathews sold to them several years prior, determined they wanted to sell the asset. The property has 5 stories of office space totaling 32,475 sq. ft., including a lower retail and storage space. The ownership had in the year prior conducted a full exterior upgrade and renovation of the building’s exterior, which cost over $2 million. At the time of valuation, the property was about 85% leased.
Kidder Mathews listed the property for $10,500,000 which equated to about a 4.5% cap rate on the current year income. There was an extensive marketing campaign launch for this investment offering which resulted in dozens of registered prospects and many tours of the property.
After two failed selected prospects the building was sold to a local private ownership group.