1600 Seventh - Urban Renaissance Group

1600 Seventh


Location

Seattle, Washington

Type

Office

SQ Footage

660,000 SF

Certification

2012 NAIOP Deal of the Year

Project Completion

2012

Partner

Clarion Capital Partners

Areas of Expertise

  • Leasing
  • Entitlement and Permitting
  • Redevelopment and Construction
  • Due Diligence
  • Property Management

Highlights

  • Located in Seattle’s Central Business District, adjacent to retail core
  • Complete renovation of 1970s vintage high rise
  • Retail expansion


Complex Sale/Leaseback Transaction Nets Nordstrom Expansion

The simultaneous acquisition and lease of 1600 Seventh Avenue—a highly complex transaction awarded NAIOP Washington’s 2012 Deal of the Year award—represents one of the largest off-market acquisitions ever completed in Seattle.

Built by Pacific Northwest Bell in 1976, the 32-story office tower was occupied by CenturyLink (formerly Qwest), when the company decided that ownership no longer fit their business strategy. We stepped in, orchestrating a strategic, innovative deal with Clarion Capital Partners to acquire the building and simultaneously lease a major portion to CenturyLink and negotiate a 300,000-square-foot lease with Seattle-based Nordstrom for nearly half of the building with options to accommodate future growth.

Significant renovation plans were critical to the deal’s success, including an updated lobby and common areas and underground parking. We worked closely with the team and the city of Seattle to expedite necessary approvals. New ground-level retail sets up a substantial downtown transformation, expanding Seattle’s retail core to the corner of Seventh and Olive.