Snatching up the five-story, class A office building was Jim Potter and Joe Yencich, managing members of Bay Vista Office Building LLC. They purchased the 119,000-sf building from Bay Vista Office Investors LLC.
The building, located at 2815 Second Ave. in the city's Central Business District, is currently 90% leased. Major tenants are office for Princess Cruises and Welfare and Pension Administration Services.
"We have been working on this deal for nearly a year and are pleased to have it closing now," Potter says. "In addition to the stable, long-term tenants in the building, we will immediately begin capital and operating improvements from cash flow, which will increase tenant satisfaction and retention, help us attract new tenants and increase the overall value of the building."
Greenwich Capital is providing the financing for the building. GP Realty and LJ Melody provided local mortgage brokerage services. Lou Senini and Don Fosseen of CB Richard Ellis represented the seller.
Best known for their other business roles – Potter as the chairman of Kauri Investments, Ltd., primarily a multifamily developer, and Yencich as a broker and currently vice chairman of Ewing & Clark – they along with other partners have acquired several other Seattle-area office buildings including the Columbia Building at 1516 Second Avenue.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
