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Medical Office Building Replacing Northgate Restaurant

SEATTLE-The property owner and developer is an affiliate of locally based First Western Development that recently acquired the 1.3-acre site for $2.6 million. One of the leasing brokers, Jeff Tillman of CB Richard Ellis, tells GlobeSt.com the building is already around 35% preleased.

By Brian K. Miller | Updated on February 21, 2005

SEATTLE- The former Barnaby’s restaurant in the Northgate neighborhood west of Interstate 5 will be the site of a 68,000-sf medical-dental office building. Site work started earlier this month with the demolition of the restaurant building. The shell for the Meridian Medical Pavilion is slated for completion this October and the first tenants will be able to move in in January. The property owner and developer is an affiliate of locally based First Western Development that recently acquired the 1.3-acre site for $2.6 million. One of the leasing brokers, Jeff Tillman of CB Richard Ellis, tells GlobeSt.com the building is already around 35% preleased to two tenants and negotiations are under way with a third tenant that would take the building about 85% leased. All are existing tenants in the market. “This space was badly needed in the Northgate area,” says Tillman. “Northgate has a pretty good population of medical-dental professionals, but they have mostly had to locate in buildings converted from traditional office use. There are large groups that have been shopping for a place like this.”Fellow CBRE brokers Krista Haverly, along with Madelyn Loreen, marketed the property on behalf of the seller, Meridian Joint Venture with Colin Radford and Barry Owen, and also brought in the buyer, SHDP Associates, a group headed by Mike Hess of First Western Development. “We listed the property for sale and needed to support the $45 per-sf price,” says Haverly. “We analyzed retail, apartments, office and a combination of those things and the only thing that penciled was medical office, for which there was pent-up demand, so we went out specifically to developers with medical office experience.”

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