3O1PIKE Downtown ,

ICONIC BUILDING IN PROMINENT CBD LOCATION MIXED USE REDEVELOPMENT OPPORTUNITY OFFICE | MULTIFAMILY | HOTEL

CAPITAL MARKETS INSTITUTIONAL PROPERTIES 2

301 PIKE | SEATTLE, WA EXECUTIVE SUMMARY

CBRE, Inc. is pleased to present the generational opportunity to acquire the iconic former Woolworth’s building located at 301 in , PROPERTY SUMMARY Washington (“Property”). The Property is prominently located at the intersection of Pike Street and Third Avenue in the downtown CBD and comprises four levels with 301 Pike Street Address approximately 83,118 square feet of building area, situated Seattle, WA 98101 on approximately 20,000 square feet of land area. 301 Pike is leased to Ross Dress For Less, with the lower floors utilized by Ross for retail use, while the upper floors are South East Corner Location currently utilized for storage, providing the opportunity for 3rd Avenue & Pike Street renovation for creative office use.

Land Area +/- 20,000 SF

Parcel A: Lot 1, Block 21 301 Pike Street King Parcel B: Lots 4 & 5, Block 21 County 1418 3rd Avenue Tax Parcel King County Tax Assessor Number 1975700300 includes both parcels

Year of 1940 Construction

4 Levels 3 Above Grade Structure 1 Below Grade Total +/- 83,118 SF

DRC 85-170 Current Downtown Retail Core Zoning City of Seattle

Allowable Commercial Office, Retail, Uses Include Hospitality, and Residential 3

OFFERING SUMMARY 301 PIKE | SEATTLE, WA The Property ownership has retained CBRE to solicit BUILDING AREAS* interest from qualified investors to structure a transaction Retail Lower Floor including several different potential scenarios. With 44,046 SF Retail First Floor each possibility having the intent to maximize the value of the core, urban property, this document lays Storage Second Floor out the additional value of the current tenant and the 39,072 SF Storage Third Floor value of future redevelopment in regards to this specific property. As noted in historical records, the building was BUILDING TOTAL 83,118 SF originally designed to a height of eleven stories. *All measurements are approximate and derived from King County tax records. Current ownership envisions the transaction structure would present investors with the opportunity to pursue CBRE anticipates engagement with selected investors a variety of value enhancement strategies for the to evaluate the feasibility and merits of transaction Property. These include: structures that could include the acquisition of a -- Activation and leasing of the upper floors of the full- or partial-ownership interest in the property, existing structure or the structuring of a long-term ground lease, or -- Near-term redevelopment of the Property to increase other transaction opportunities as contemplated and overall developed density through adding stories to proposed by investors. A request for formal, written the existing building proposals will be communicated to selected investors -- A longer-term redevelopment strategy of this by CBRE at a later date. flagship urban location SITE PLAN

4TH AVENUE UNION STREET

ALLEY PIKE STREET

PARCEL A: PARCEL B: Lot 1, Lots 4 & 5, Block 21 Block 21 301 PIke Street 1418 3rd Aenue

King County Tax Assessor Number 1975700300

3RD AVENUE 4

301 PIKE | SEATTLE, WA INVESTMENT HIGHLIGHTS

MAIN & MAIN TRANSIT / LOCATION ACCESSIBILITY The Property is prominently The Property is located situated at the corner of two blocks from the Third Avenue and Pike Street and in Seattle’s downtown CBD, University Street stations adjacent to the historic Pike Place of Sound Transit’s regional Market, Washington State Convention Link Light Rail system and is located Center and revitalized waterfront district on Third Avenue, downtown Seattle’s located within blocks of the Property. major regional bus transit line.

FLEXIBLE, MULTI-USE ZONING The current zoning of the downtown Retail Core (DRC 85/170) allows for a broad range of uses, including: commercial office, retail, hotel and residential, with allowable building heights up to 170 feet.

NOTABLE HERITAGE BUILDING 301 Pike Street comprises four levels in two separate building structures. Originally constructed in 1940, this was the home of F.W. Woolworth’s flagship Seattle retail store. 5 301 PIKE | SEATTLE, WA

UPSIDE OPPORTUNITY The upper floors of the building are currently utilized for storage, presenting an opportunity to activate and lease a highly desirable creative workspace in a historic building, while also providing longer-term redevelopment potential of the entire site, capitalizing on additional density afforded by the flexible zoning standards.

SECURE, EXISTING TENANCY National retailer Ross Dress for Less leases 100% of the Property, totaling approximately 83,118 square feet on NNN basis. Parent company Ross Stores is a publicly traded, Fortune 500 corporation operating over 1400 stores in 38 states, providing secure and stable income from an established and profitable name-brand retailer. 6

301 PIKE | SEATTLE, WA SEATTLE WATERFRONT FRED HUTCH

ALLEN INSTITUTE FACEBOOK SOUTH LAKE UNION

AMAZON

3 WATERFRONT SEATTLE 1 2 5 4 6 7 WATERFRONT SEATTLE Waterfront Seattle is a multi-year program to rebuild Seattle’s waterfront following the removal of the Viaduct. The Program spans the waterfront from Pioneer Square to Belltown and includes a rebuilt Seawall, a new surface street providing access to and from downtown and new parks, paths and access to Elliott Bay. Waterfront Seattle is led by the City of Seattle’s Office of the Waterfront, working closely with civic leaders, stakeholders and the broader Seattle public to create a “Waterfront for All”.

1 2 3 4 5 PROMENADE WATERFRONT PIKE PLACE SEATTLE PIER 62/63 + A landscaped PARK MARKET’S AQUARIUM FLOATING DOCK promenade will extend Waterfront Park will MARKETFRONT EXPANSION The rebuilt Pier 62/63 north-south along be redesigned to is In keeping with its will be a place to stroll, the waterfront from improve access, safety growing westward with mission of Inspiring enjoy views, play and to Pioneer and flexibility, while the new “MarketFront,” Conservation of Our once again host events Square, providing space offering expansive views a waterfront-facing Marine Environment, like the “Summer for recreation, as well of Elliott Bay and the expansion of the Market the Nights at the Pier” as landscaping that Olympic Mountains. featuring more small will create new concert series. The manages stormwater The promenade nearby businesses, farmers, exhibition, education improvements include and showcases native includes a play space senior housing, and event space, and a new floating dock for plants. for families. public art and a new feature three Pacific access to the water! neighborhood center. ecosystems: Tropical Pacific, Outer Coast and Puget Sound. IMMEDIATE PROXIMITY TO WATERFRONT 7 REVITALIZATION 301 PIKE | SEATTLE, WA Expansive public parks and open space

Reconnection of downtown waterfront

Nation’s largest regional ferry system

Waterfront improvement projects totaling $3.7 SEATTLE CBD billion currently in progress

8 9

Colman PIONEER SQUARE Ferry Dock 10

6 ALASKAN WAY + 7 SEAWALL 8 MARION STREET 9 COLUMBIA 10 COLMAN DOCK ELLIOTT WAY PROJECT BRIDGE STREET Colman Dock is Seattle’s With the demolition of Already under A widened Marion Improved sidewalks biggest ferry terminal the Alaska Way Viaduct, construction, the new Street pedestrian bridge and transit corridor currently undergoing a rebuilt Alaskan Way seawall will protect between Alaskan Way amenities will be added a major renovation and new Elliott Way critical infrastructure and and Western Avenue in place of the viaduct project. The Washington will serve all modes of utilities while enhancing will better connect ramp to First Avenue. State Ferry System is travel and provide clear salmon and nearshore the large volume of the largest in the United and safe pedestrian habitat. travelers who commute States. crossings and signalized via ferry from Colman intersections. Dock to downtown. 3O1PIKE

INVESTMENT CONTACTS:

TOM PEHL LOU SENINI Senior Vice President Senior Vice President +1 206 442 2722 +1 206 292 6050 [email protected] [email protected]

CHAIS LOWELL AUSTIN COHN Associate Senior Associate +1 206 292 6132 +1 206 292 6075 [email protected] [email protected]

DEBT AND STRUCTURED FINANCE CONTACT:

JOHN LO Senior Vice President +1 206 292 6141 [email protected]

CAPITAL MARKETS OFFICE | WESTERN U.S.

SEATTLE BAY AREA LOS ANGELES Tom Pehl Russell Ingrum Todd Tydlaska Lou Senini Kyle Kovac Sean Sullivan Mike Taquino Mike Longo PORTLAND Scott Prosser Paige Morgan Jack DePuy ORANGE COUNTY Trevor Kafoury Joe Moriarty Anthony DeLorenzo Charles Safley SAN DIEGO DEBT & PHOENIX Louay Alsadek STRUCTURED Barry Gabel Hunter Rowe FINANCE Brad Zampa SALT LAKE CITY DENVER Michael L. Walker Eli Mills Tim Richey Brady O’Donnell Mike Winn Bruce Francis Chad Flynn Mark McGovern Val Achtemeier Nick Santangelo

1420 5th Avenue, Suite 1700 © 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or Seattle, WA 98101 completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of T +1 206 292 1600 their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their F +1 206 292 6033 respective owners. Use of these images without the express written consent of the owner is prohibited. PMStudio _ August2019