By Kate Snyder
As Seattle’s commercial real estate continues its post-pandemic rebound, a recent listing by Kidder Mathews is adding to activity in the area.
The Meridian North Office Building, located at 10740 Meridian Ave. N, Seattle, has been posted for sale for $14.1 million by Kidder Mathews on behalf of the owner, an entity affiliated with spacerRichard and Stephanie Eberharter. In total, the property site consists of approximately 0.86 acres and the three-story building itself is 23,151 square feet.
Meridian North’s current occupancy is 90 percent, and the longest-term tenant, with extension option exercised, will expire September 2026, according to the property’s website. Current tenants include law, accounting and medical service firms.
“It’s a leased office building that we’re selling and marketing as a development opportunity,” said Dave Speers, senior executive vice president for Kidder Mathews.
The site is a “covered land opportunity,” according to the offering memorandum by Kidder Mathews on the property, meaning that the property’s income would cover its own costs while a buyer plans a redevelopment of the site. Speers said the idea is for a buyer to hold the building for a period of time and design a larger facility – the area’s zoning would support a nine-story building, he noted.
“The zoning in this area has changed dramatically,” he said.
The building currently generates $563,280 in gross annual income, according to the site’s marketing information.
The site has a NC3 – 95 zoning that allows a wide range of redevelopment project options, including multifamily, tech and lab office, medical and hospitality uses, according to Kidder Mathews marketing information. Kidder officials also estimate that between 230 and 250 multifamily units can be developed in a Class IV project on the site.
Currently, the building has two stories above and one below grade, according to marketing information, with the latter housing 16 office suites and several storage rooms. The building is frame and masonry constructed on a site that is elevated above the southern properties.
Just two blocks from the northbound and southbound exits and entrances to Interstate 5, Meridian North is directly west of the new Sound Transit Light Rail Station at Northgate. Immediately surrounding the building are other office buildings, Speers said, with a major regional shopping center – Northgate Station – just across the interstate on the eastern side of I-5. The property also sits about six miles north of the Seattle Central Business District and is surrounded by a significant amount of amenities and businesses.
According to Kidder Mathews, the shopping center is also undergoing a major redevelopment that includes the addition of the Seattle Kraken National Hockey League headquarters and practice facility, new multifamily units, new and renovated retail and restaurant uses, and a new parking garage.