MOSES BUILDING 312-316 2nd Avenue South | , WA INVESTMENT OFFERING

Office | Retail Investment Opportunity Prime Pioneer Square Creative Space 22,484 Square Feet BELLEVUE

PIONEER SQUARE MOSES BUILDING SEATTLE CBD

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THE OFFERING AMENITIES & TECH

JLL is pleased to present the opportunity to acquire the Moses Building in CENTRIC Seattle’s Pioneer Square neighborhood. It is unique having the stability of 100% occupancy in the office and retail space along with potential upside through flexible tenancy and the potential to restore additional stories to the building. The Moses Building is surrounded by multiple transportation options with quick access Located in the heart of Seattle’s vibrant Pioneer Square neighborhood, throughout the region via street car, bus, light the Moses Building has excellent access to mass transit, freeways and rail, train, and ferry. area amenities including some of the city’s most popular new restaurants. A short walk to the city’s sports stadiums, the property is surrounded by several new and exciting multifamily, hotel and office developments. Of note are Seattle’s Waterfront Project, which will connect Pioneer Square to a completely transformed waterfront, and the relocation of ’s corporate headquarters from Seattle’s Southend to 200 Occidental, located Pioneer Square’s convenient location and robust one block from the Moses Building. amenity base attract many of Seattle’s fastest growing tech tenants including , Pioneer Square has become a haven for Seattle’s tech-centric start-ups Avalara, RealSelf, WatchGuard Technologies who are attracted to the area’s historic buildings, convenient location, and Blink Interactive. These companies prefer and superb amenity base. The influx of start-ups and organic growth from Pioneer Square because of the area’s historic buildings, convenient location, and superb existing tech and creative tenants has pushed the submarket’s vacancy amenity base. rate down to 3.0% and caused rental rates to rise by 22% over the last 2 years. INVESTMENT HIGHLIGHTS PROPERTY SUMMARY

HIGH-QUALITY ASSET Address: 312-316 2nd Avenue South, Seattle, WA The Moses Building is a three-story brick and beam building with Size: 22,484* square feet lower level, and boasts 100% office and retail occupancy. This Parcel# / Zoning: 524780-0855 / PSM 100 boutique creative space appeals to small to midsize tech tenants Built/Renovated: 1889 / Renovated 2007 who are attracted to the location, open floor plan, abundant # of Tenants: Five natural light, and high ceilings. 100% Office & Retail Occupancy: (74% if you include lower level / storage) UNIQUE FLEXIBLE OPPORTUNITY WITH UPSIDE Stories: Three stories plus a lower level • Ability to lease out the existing lower level space, estimated Site Area: 6,480 square feet / 0.15 acres at 5,838 rentable square feet. This, coupled with rents 10% Parking: Adjacent commercial parking lot below market at expiration, allows a buyer to increase net cash flow by 35% in the next 3 years. Exterior walls: Brick Structure: Wood-frame, brick masonry • The current owner occupies the entire 3rd floor, with Roof: TPO; installed in 2013 a lease concurrent with the 2nd floor eShares lease. HVAC: Cooling tower, Water source heat pumps Ownership is open to sublease or assignment of the 3rd Electrical: Utility vault floor. This provides guaranteed cash flow on the 3rd floor High Speed Internet; Fiber Optic, DSL, for several years while offering upside to the buyer in re- Internet Access: Satellite for tech companies leasing the space during the term. * 2010 BOMA • With a WALE of 3.6 years, the buyer has additional flexibility in tenancy or additional development of the Moses Building.

• Ability to restore additional stories to the existing structure, estimated at 14,343 rentable square feet. The addition of at least two floors offers a developer the opportunity to increase the building size by nearly 60%.

RECENT UPGRADES A major renovation in 2007 combined with a new roof installed in 2013 totaled over $5.1M (nearly $200 per square foot*). The renovation completed in 2007 included the installation of braced steel framing, a new passenger elevator and new interior finishes.

EXISTING INCOME With an in-place income over $400,000, the Moses building offers developers immediate cash flow. E MELROSE AVENUE N DEXTER AVENUE N 9TH AVENUE N WESTLAKE AVENUE N TERRY AVE N BOREN AVENUE AVENUE N FAIRVIEW N MINOR AVENUE N POINTIUS AVENUE AVENUE N YALE E EASTLAKE AVENUE DENNY WAY

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W E S T E R N AV E 3 R D AV E C O LU M B I A 99 1 S T AV E STUART WILLIAMS LORI HILL A L A S K A N WAY 2 N D AV E MOSES BUILDING C H E R R Y S T JEFFERSON ST Managing Director Managing Director

J A M E S S T YESLER WAY Capital Markets - Investments Capital Markets - Investments To Stadiums FIFTH

+1 206 971 7008 +1 206 971 7006 S [email protected] [email protected]

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S LANE STREET RAY ALLEN ZACK GOODWIN Managing Director Senior Associate S DEARBORN STREET 9999 CenturyLink Capital Markets - Finance Capital Markets - Finance Field +1 206 607 1788 +1 206 607 1791 [email protected] [email protected] 90

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