Seattle, WA – Lev Vel Group has placed its first office development, the Tommer Building, on the market for sale. The 24,222 square foot structure is located in the Ballard submarket at 5101 14th Avenue Northwest.
The seller has selected Jackson Capital Group (“JCG”) to facilitate the transaction. Mark Jackson Jr., a Managing Director at JCG, will lead the sale effort. According to Jackson, “Tommer is one of the first buildings of its kind in Ballard, as investors look for alternatives outside of the Seattle core, Tommer fits the bill in terms of quality, location and tenant demand.”
The building’s design and high-quality construction, proximity to Downtown Seattle and transportation access have positioned it to attract companies from a wide range of industries. Of the building’s four floors, the top floor office and ground level retail are leased to two tenants with nine and ten years of respective lease term. Equity funds or private client investors will be able to increase cash flow by leasing Tommer’s remaining vacancy.
The office building market in Ballard remains very tight. The current vacancy in the market is 6.2 percent with very little, if any, new office development, according to sources that track this data. The market has a total inventory of 3.0 million square feet with asking rents in excess of $40 per square foot.
About Lev Vel Group
Lev Vel Group is a boutique commercial and residential development firm that focuses on bringing their version of “living well” through the built environment to the Seattle area.
About Jackson Capital Group
Jackson Capital Group (“JCG”) focuses exclusively on investment advisory services to corporations and individuals within the office and industrial sectors. The company’s mission is to create value for their clients through creative, actionable ideas and flawless execution. For further information, visit www.jacksoncapital-us.com