Exchange Building Case Study

821 2nd Ave, Seattle, WA 98104, USA

In 1988, Walton Street Capital acquired the Exchange Building, a 1929 art deco office building in downtown Seattle.  The project had been fully occupied for the preceding 20 years by King County and had not received any capital improvements since the 1970’s.  We were responsible for planning and overseeing the renovation and re-leasing of this building.  Over the next two years, we completed $20 million dollars of capital improvements and re-leased the entire 300,000 RSF building, including a new 100,000 SF lease with King County and eight other tenants to achieve 95% occupancy.  The key to this success was telling the story – both the interesting history of the building and what the planned improvements were going to create for the modern office tenant.  Differentiating the building from other products in the market helped achieve rental rates that were arguably among the highest in the market at the time. 

Urbis then participated in the sale process from Walton Street to Crescent Real Estate Equity in 2004, retained the leasing assignment and leased 20,000 RSF to bring the building to 100% occupancy.  Under both ownerships we achieved at or above pro forma rental rates and maximized the disposition outcomes for our clients.  In 2007, Urbis again participated in the sale of the building to Ashforth Pacific and retains the leasing assignment. 

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The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. The prospective lessee should carefully verify each item contained herein.