By Kate Snyder
A commercial office building has hit the market in Seattle’s Belltown neighborhood. The multi-tenant, Class A office and medical building with views of Elliott Bay is leased to a diversified tenant roster including anchor tenant, UW Medicine Primary Care, according to a brochure from CBRE, which has the listing. Guidance pricing was released at about $19.1 million, or approximately $260 per square foot.
CBRE’s Tom Pehl, Charles Safley, Chais Lowell, Paige Morgan and Thuy Tran are the brokers for the property. The property traded in 2017, when Steelwave sold it to PCCP, according to The Registry’s previous reporting.
The seven-story building is located at 2505 Second Ave. and has been modernized with upgrades to the lobby, common areas and tenant spaces to specifically appeal to technology, medical office and professional service firms, according to the brochure. The renovations occurred in 2018. UW Medicine has been in occupancy since 1998 and has made more than $1.1 million in capital improvements to its suite during the last 10 years. The 73,603 square foot building was originally constructed in 1989.
In total, the building has 13 tenants, five with at least six years of remaining lease term. The property’s tenants have an average of 4.3 years in weighted lease terms, and 24 percent of the rent roll is medical office tenants. The floor plates are suitable for both single-tenant and multi-tenant floors that appeal to midsize service firms.
Among the building’s amenities are ground-floor retail services, secure garage parking, access to both Washington State Route 99 and Interstate 5 and proximity to Belltown’s restaurants, entertainment and shopping venues. The property is also a short walk from South Lake Union, the 12 million square feet global headquarters of Amazon and the campuses of Google, Facebook, Apple, the Gates Foundation and UW Medicine Research.
Seattle has seen other commercial properties hit the market recently.
In the city’s South Lake Union neighborhood, an Amazon-leased boutique office building spanning 88,514 square feet has been put up for sale, according to The Registry’s previous reporting. Located at 428 Westlake Ave. N, the property was developed by Vulcan Real Estate in 2004. The six-story office building is currently under a net lease to anchor tenant Amazon until March 2027. Pricing guidance was not released.