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Office and Marina Complex Comes to Market

SEATTLE-The three building, 108-slip property sits on the western shore of Lake Union, across Westlake Avenue from the headquarters of Fox affiliate KCPQ-13. The asking price for the fully leased complex is $18 million, which translates to a capitalization rate in the mid-5% range.

By Brian K. Miller | Updated on November 15, 2004

SEATTLE-An office and marina complex on the Western shore of Lake Union here has come to market. The property includes 50,000 sf of office space in three buildings constructed in the 1950s and ’60s and 108 boat slips. The complex sits across Westlake Avenue North from the headquarters of Fox affiliate KCPQ-13. The asking price is $18 million.The seller, Harbormaster Buildings & Marina LLC, a private family partnership, paid $7.79 million for the property in 1999, according to King County property records. Information was not available on how much the seller has invested in the property since acquiring it, but the buildings have been fully renovated since that time. The disposition assignment is in the hands of Jason Rosauer and Dave Speers in the Seattle office of GVA Kidder Mathews. Speers tells GlobeSt.com the number of tenants in the building is about 70 and historic vacancy in the building has been close to zero. The asking price translates to a mid-5% capitalization rate based on projected 2005 NOI, he says.The brokers sent out an electronic information package on the property last Wednesday. “The response was beyond what we thought it would be,” says Speers, who now expects the property to be tied up by the end of the month and the sale closed by the end of the year.

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