114 FIRST AVENUE SOUTH (THE STATE HOTEL)

7 WORK-LIVE OFFICE/ RESIDENTIAL UNITS & 2 RETAIL RESTAURANT SPACES

FOR MORE INFORMATION:

ELLEN MOHL WESTLAKE ASSOCIATES, INC. 206.505.9421 [email protected]

DAN STUTZ CBRE | BROKERAGE SERVICES 206.292.6097 [email protected] Table of Contents

3 Investment Summary 4 Property Highlights 5 Aerial 6 Location 7 Sales Comps 8 Rent Roll 9 Income & Expenses 10 Photos 15 Legal Description 16 Puget Sound Summary 26 Broker Bio & Contact 27 Westlake Associates, Inc. 28 CBRE INVESTMENT SUMMARY & ANALYSIS

WORK-LIVE OFFICE/RESIDENTIAL + RETAIL PRICE: $6,750,000 The State Hotel Building, the northern half of the historic Terry and Kittinger Building, LOT SF: 4,440 SF offers a very special and unique investment opportunity. Among the few permitted loft BLDG SF: 16,960 SF style offices that can and have been used for residential purposes in the city of Seattle, the seven upstairs units offer the investor a two pronged approach to maximizing PRICE/SF: $398.00 income. Situated next to The Delmar Building on among the most prominent blocks in the Pioneer Square neighborhood, a historic area located adjacent to Seattle’s courthouse NOI: $312,521 and Stadium district, and within a 5 – 10 minute walk from Seattle’s downtown core, this YEAR BUILT: 1891 building offers the buyer a chance to purchase an extraordinary piece of Seattle’s history. ZONING: PSM-100 MARKET: Seattle Constructed immediately after the Great Seattle Fire, and originally joined with The Delmar Building at 108 S. Washington, the four story building features three floors of live- SUBMARKET: Pioneer Square work lofts over one floor of retail space. The current ownership completed an extensive renovation of the building and installed new utility systems throughout the property including sprinklers on the second, third and fourth floors. The two ground floor tenants are both restaurants and bars that have complete kitchens and modern restrooms.

Located in the middle of the rapid transit hub, The State Hotel is 7 blocks from Seattle’s King Street and Union Street Stations, which serve as a terminal for Sound Transit’s com- muter trains; 4 blocks from Coleman Dock linking Seattle to its island communities via the Washington State ferry system; and 2 blocks from Seattle’s streetcar line that links the property to Capitol Hill and First Hill.

Other significant attributes of the property are: The State Hotel Building is located in a City of Seattle Opportunity Zone; it is fully occupied with all of the upstairs tenants having relatively short leases; the alley behind the property has been improved recently to be a pedestrian walkway; the roof is made up of a reflective membrane; and significant work was completed relatively recently to the electrical feed for the property.

3 PROPERTY HIGHLIGHTS

WORK-LIVE OFFICE/RESIDENTIAL + RETAIL

• The State Hotel is located in a tax-advantaged Opportunity Zone for the city of Seattle.

• Extraordinary loft-style live/work apartments 100’ long with 14’ high ceilings, exposed brick walls, hardwood floors and open floor plans, this building is unlike any other apartment building in the greater Seattle area.

• The building adjoins Pioneer Passage. In 2019, this essential alley was reconditioned with new underground services and resurfaced with cobblestone bricks to create an accessible lighted walkway and cafe patios for businesses, residents and tourists.

• The State Hotel is 100% leased, with most tenants having relatively short-term leases. There are operable windows on two sides of the building and roof skylights on its upper floor.

• The well-maintained roof is a durable and long-lasting a reflective membrane.

• One block from Seattle’s new waterfront park, with major civic projects planned in the im- mediate neighborhood; the enhancements which include the redesign of South Washington Street, the corner to the south of the property, will create a visual path from Waterfront Park to Occidental Square.

4 AERIAL

5 LOCATION

Pioneer Square

YESLER WAY COLMAN DOCK THE STATE HOTEL 114 First Avenue S Weyerhaeuser Company HQ 1ST AVE S 2ND AVE S 4TH AVE S 5TH AVE S

2ND AVE EXT S Occidental Square ALASKAN WAY S Pier 48 S MAIN ST

STREETCAR S JACKSON ST STREETCAR Olson Kundig Blue Nile HQ UNION Foss Maritime STATION

S KING ST KING ST STATION 1ST AVE S OCCIDENTAL AVE S 4TH AVE S

Getty Images Uwajimaya

SEATTLE BLVD S

CenturyLink Field 6 SALES COMPS

1 SUBJECT PROPERTY PACIFIC COMMERCIAL BUILDING 114 1st Avenue S | Seattle, WA 98104 220-240 2nd Ave S | Seattle, WA 98104

Sale Price: $6,750,000 Sale Price: $20,500,000 Sale Date: - Sale Date: 07/24/2018 Year Built: 1891 Year Built: 1900 Lot Size: 4,440 SF Lot Size: 12,724 SF Bldg Size: 16,960 SF Bldg Size: 51,670 SF Price PSF: $398.00 Price PSF: $396.75

2 3 MOSES BUILDING WALTHEW BUILDING 312-316 2nd Ave S | Seattle, WA 98104 123 3rd Ave S | Seattle, WA 98104

Sale Price: $9,252,886 Sale Price: $5,275,000 Sale Date: 05/29/2018 Sale Date: 06/14/2019 Year Built: 1889 Year Built: 1971 Lot Size: 6,534 SF Lot Size: 7,200 SF Bldg Size: 22,484 SF Bldg Size: 13,400 SF Price PSF: $411.53 Price PSF: $393.66

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7 INCOME & EXPENSES

INCOME SUMMARY ANNUAL Base Scheduled Rent $411,928.56 Damn the Weather CAM 8,964.60 Dead Line CAM 14,081.16 Combined Utilities 10,087.08 Gross Income $445,061.40

EXPENSE SUMMARY ANNUAL Real Estate Taxes - 2019 $24,768.44 LID - 2019 2,520.98 Insurance 29,717.37 *** Water/Sewer 19,282.00 Electricity - 2018 7,790.44 Trash - 2018 4,318.07 Cleaning 2,880.00 HVAC 3,575.00 Security 3,868.00 Repairs & Maintenance 10,224.00 Leasing Fee 3,000.00 Management Fee (5%) 20,596.43 Gross Expenses $132,540.73

Net Operating Income $312,520.67 Cap Rate 4.63%

NOTES:

*** Insurance Expenses include approximately $3,500 per year for Airbnb units.

9 BUILDING PHOTOS

10 BUILDING PHOTOS

11 BUILDING PHOTOS

12 BUILDING PHOTOS

13 BUILDING PHOTOS

14 FLOOR PLAN | FLOOR 1

15 FLOOR PLAN | FLOOR 2

16 FLOOR PLAN | FLOOR 3

17 FLOOR PLAN | FLOOR 4

18 LEGAL DESCRIPTION

19 THE PUGET SOUND, in recent years, has transformed itself into a world class regional market and a formidable economic engine. Its natural beauty from the mountains to the Puget Sound attracts a highly educated, entrepreneurial population from all areas of the country and the world. The Region boasts diverse industries such as manufacturing, biotech, high tech and international trade-- all of which create a strong, well-diversified regional economy. With everything from natural beauty and world-class attractions to major sports teams, a thriving arts and culture scene, and temperate climate: The Puget Sound contains all the elements to be the perfect location to live, work, play and prosper.

QUALITY OF LIFE STRONG ECONOMIC GROWTH

The region is known for its quality of life, arts, and outdoor lifestyle The strength of this economy is its unparalleled broad base and durability. The which helps attract an educated workforce. Numerous camping, Puget Sound region has weathered many economic storms, from the boom and bust hiking, winter sports, and recreational activities are located a short cycles of Boeing to the Dot Com crisis. However, the region was relatively immune drive from the city. Seattle’s main attractions include Pike Place to the downturn after 9/11 and the financial crisis in 2008, compared to the rest of Market, the Space Needle, and Seattle Center, home of the 1962 the country. This resilience has not gone unnoticed; it has attracted an immense World’s Fair. Seattle is home to a number of professional sports amount of investment dollars from corporations, institutions, and individuals both teams including the 2013 Super Bowl champions, the Seattle local and worldwide. Seahawks, the Seattle Mariners, and the Seattle Sounders FC soccer team. And, in 2021, a professional Hockey team will call This economic resilience is fundamentally based on the simple fact that this region Seattle home and join the robust sports community in our great has high demand (it is a great place to live, work, and play), limited supply (geographic city. constraints) and well-diversified, high–growth employers.

Seattle is the heart of the Region. It is ranked as the fastest growing city in the MOST RAPIDLY country last year and has been ranked in the top five for the last three years. Though APPRECIATING HOME the effects of this unrivaled demand are impressive, it is exponentially so with the increase of high-wage job growth. PRICES IN THE U.S. IN 2017 (ZILLOW) Seattle’s recent growth is truly impressive: population growth that’s twice the national average, a diverse economy with a young, educated workforce, abundant capital, and top rankings for livability and outdoor activities. Seattle also benefits from having 12% of its workforce in STEM occupations, twice the U.S. average.

20 POPULATION GROWTH

Seattle’s population is growing at nearly double the rate increase in population seen in the last 40 years. Looking FIRST IN of Silicon Valley, driven by strong job growth in fields forward, we expect population will peak by year- like tech and healthcare, a relatively lower cost of living, end 2017 at 65,140, and increases in 2018 and 2019 POPULATION GROWTH no income tax, and lifestyle benefits of the Pacific will likely not be as dramatic, at 40,341 and 34,939, AMONG THE 50 LARGEST Northwest. Between 2005 and 2015 top innovation respectively. From 2013 through 2017, the Seattle U.S. CITIES jobs in Seattle grew by 2%, reaching 261,612. From MD added more than 228,416 new jobs, averaging those top jobs, we also saw increases in the following: 45,683 per year, or 872 per week. The Seattle MD has 22% in Internet & Information; 4% in Medical Devices; experienced positive population growth for the past and 3% in Specialized Innovation Services. In 2015, 30 years. Seattle ranked second compared to other innovation regions, gaining 3,125 residents per month from in- migration.

From 2005 through 2015, the STEM talent pool for technology and innovation grew by more than 60%. Over 57% of Seattle’s adult residents have a Bachelor’s degree or higher, nearly twice the national average. Between 2015 and 2016 the number of Seattle’s master’s degree holders increased by 10% per capita and bachelor’s degree holders just over 8%. Population change by education attainment indicates how prepared a region is to meet the demand for the kind of high-skilled jobs needed in an innovation economy.

Prior to 2016, Seattle hadn’t experienced significant population increases since the early 1990s manufacturing boom. The population for the Seattle- Bellevue-Everett MD grew by 67,560 in 2016, a 3.23% increase over the previous year. This is the largest SEATTLE METRO POPULATION GROWTH & PROJECTIONS Source: O’Connor Consulting Group 21 EXISTING INVENTORY VACANCY QUOTED RATES MID-YEAR PERIOD # BUILDINGS TOTAL RBA DIRECT SF TOTAL SF VAC % 2019 2019 Q2 8,014 207,271,800 10,985,251 11,960,830 5.8% $33.62 REPORTS 2019 Q1 8,003 204,191,085 11,920,374 13,059,269 6.4% $33.35 Source: CoStar Property® 2018 Q4 7,998 203,255,092 11,302,430 12,194,871 6.0% $32.77

2018 Q3 7,996 203,233,612 12,602,397 13,480,871 6.6% $33.13

2018 Q2 7,991 203,135,822 13,217,823 14,124,490 7.0% $32.82

2018 Q1 7,990 203,069,505 13,469,741 14,564,784 7.2% $31.97

2017 7,993 202,601,308 14,753,621 15,883,757 7.8% $32.08

2016 7,979 199,547,731 14,647,570 15,576,886 7.8% $30.43

2015 7,963 195,155,338 15,098,109 15,865,145 8.1% $30.28

2014 7,958 190,946,259 16,132,109 16,893,506 8.8% $29.07

The Seattle office market reports a decrease in vacancy and an increase in TOTAL SEATTLE OFFICE MARKET rental rates in the second quarter of 2019. Growth in employment, investment STATISTICS MID-YEAR 2019 and construction continues to show no sign of slowing down. According to the Seattle Times, Seattle still leads the nation in cranes across the skyline with 59 in total. Developers continue to build as construction demand stays high; Vacancy % vs. Office Rents Seattle has now led the nation in crane count for three years in a row. 10.00% $34.00 9.00% $33.00 In Downtown Seattle, the office market continues to thrive, empowered by the 8.00% $32.00 7.00% city’s rise as one of the top tech hubs nationwide. Three major office projects are 6.00% $31.00 under construction, adding more that 2 million sq. ft. to the market: Skanska’s 5.00% $30.00 2+U is expected to be ready for tenant improvements in late summer; Kilroy’s 4.00% $29.00 3.00% 333 Dexter will be available for custom build-out in Q4; and Rainier Square $28.00 2.00% will likely be completed in 2020. Notable leases signed in Q1 of 2019 include 1.00% $27.00 Zipwhip’s 72,000 sq. ft. lease signed at Elliott Bay Office Park and co-working 0.00% $26.00 2014 2015 2016 2017 2018 2018 2018 2018 2019 2019 giant WeWork, who signed a 49,192 sq. ft. expansion at Fourth & Madison. Q1 Q2 Q3 Q4 Q1 Q2

Vac % Quoted Rates Source: 2019 Location and amentieis drive tenant choices report from CBRE RESEARCH Source: CoStar Property® 22 MAJOR EMPLOYERS TOP 20 WASHINGTON EMPLOYERS

Today some of the world’s most recognizable Fortune 500 companies call JOINT BASE Seattle home: Microsoft, Starbucks, Amazon, Nordstrom, Costco and REI. LEWIS-MC- Other major companies in the area 80,000 58,074 include Boeing, T-Mobile. Expedia, Boeing Employees Employees and Nintendo of America. The Puget Sound Location: Seattle Location: Fort Lewis Region is forecast to According to the Puget Sound Business NAVY REGION Journal, technology companies are NORTHWEST add over 70,000 World Headquarters leading the way in employment growth 46,693 43,618 new jobs over the in the Seattle MSA. As the home of Employees Employees next three years. Microsoft and Amazon, Seattle accounts Location: Fort Lewis Location: Redmond for over 20% of the nation’s software publishing employment. Microsoft is one of the top employers in the sate with over 42,000 employees. Their World World Headquarters Headquarters, located in Redmond is over 10 million square feet. 40,000 23,693 Employees Employees Location: Seattle Location: Seattle

19,484 17,669 Employees Employees Location: State-Wide Location: Renton Source: O’Connor Consulting Group Consulting O’Connor Source:

Washington State King-Snohomish Median Family Income 15,500 13,800 Employees Employees 23 WAGE GROWTH 2007 - 2017 Location: State-Wide Location: Seattle TOP 20 WASHINGTON EMPLOYERS CONT. The Puget Sound has become a international leader in innovative industries with organizations such as the Fred Hutchinson Cancer Research Center, the University of Washington Medial Center and the Bill and Melinda Gates World Headquarters foundation. Healthcare employment is projected to continue to grow 12,610 11,847 dramatically and Seattle has the 5th largest biotechnology Research and Employees Employees Development alliance between the University of Washington and the Fred Location: Seattle Location: Tacoma Hutchinson Cancer Research Center. Having world-class research hospitals is not just an economic driver, it is an important amenity for our community.

World Headquarters World Headquarters EMPLOYMENT IS EXPANDING THROUGH 10,867 10,500 THE GREATER SEATTLE AREA. Employees Employees THE PUGET SOUND REGION IS PROJECTED TO GENERATE 1.2 MILLION NEW JOBS BY 2040. Location: Seattle Location: Issaquah The Puget Sound is one of the capitals of the aerospace industry anchored by Boeing, the world’s largest aerospace company, second-largest maker of large commercial jets, and second largest global defense contractor. Boeing is one of the largest employers in the Puget Sound, employing approximately 80,000 10,343 9,627 in Washington. Employees Employees Location: Seattle Location: First Hill

FAIRCHILD AIRFORCE BASE 9,110 7,645 Employees Employees Location: Spokane Location: State-Wide

World Headquarters Source: O’Connor Consulting Group Consulting O’Connor Source: 7,150 6,587 Employees Employees 24 Location: Seattle Location: Seattle SEATTLE ANNUAL JOB GROWTH STRONG ECONOMIC FUNDAMENTALS

Boeing is a principal economic strength to this economy. It employs over 80,000 itself with countless other affiliated business. This diverse economic base of high paying blue-collar and technical jobs, creates a strong economic foundation. The high-growth industries, notably Tech and Biotech, compliment the International Trade and manufacturing sectors to create a dynamic, but stable regional economy.

As Boeing is a driving force in the Metro area, the fate of the local economy is strongly influenced by the performance of the aerospace giant. This year, Boeing expects to deliver between 760 and 765 commercial airplanes, bringing in between $90.5 billion to $92.5 billion, as reported by the Seattle Times. After a round of layoffs managed through attrition at the beginning of 2017, the company recently announced that they would be re-hiring “several hundred” of the formerly retired manufacturing workers to catch up on a backlog of production. Additionally, robotic manufacturing has begun at the Everett location for the 777X, scheduled to take flight in 2019.

Microsoft is also a significant driver of the local economy, employing more than 43,000 people in the Seattle area. As the company enters its Ql-2018 fiscal year, which ended on September 30, 2017, they reported better-than-expected earnings of $24.5 billion in revenue, up from the $23.56 billion previously published by Thomson Reuters, and a significant improvement over earnings in 2016 and 2015.

As Microsoft continues to fight for market share in the cloud computing market, Azure continues to bring revenue, growing 102% in 2016 and by 97% YTD, 2017. Microsoft’s 2016 acquisition of Linkedln offered a lift in 2017; additionally, Linkedln contributed $1.1 billion in revenue to Microsoft’s Productivity and Business Processes segment, whose revenue jumped 21 percent.

25 Amazon occupies and has plans to build or lease as much as 13.5 million construction. As perhaps the worst-kept secret in Seattle commercial square feet across 44 buildings throughout the Seattle Metropolitan real estate, Amazon announced in October 2017 that it will lease all of Division (MD) by 2023. This would be enough space for more than 76,000 the office space in the Rainier Square redevelopment project-more than employees. However, many office brokers believe that Amazon will end up 500,000 square-feet of office space-as well as the top six floors of the leasing close to 15-million square-feet of office space by 2023. The retail Macy’s building (312,000 square-feet.) Both developments together will behemoth paid more than $19M in 2016 for two adjacent properties in the support more than 4,000 employees. Seattle is no exception, as Bellevue Seattle core. The two parcels form off the west side of Seventh Avenue, also reaps the benefits of Amazon’s presence. Amazon is the sole tenant between Blanchard and Bell streets. The parcels, which are across the at Centre 425, securing its foothold on the Eastside to retain and attract street from the company’s recently opened Day One tower, are zoned employee workforce there. The property sold in mid-October for a whopping for non-residential towers as tall as 340 feet. In addition, Amazon is also $313-million ($877 per square-foot). rumored to be eying the office space that Expedia will vacate in 2018.

The success of online retail giant Amazon.com has moved Seattle up the list of top tech hub cities and as the Internet retailer expanded in the downtown core, apartment demand has increased; thereby spurring more apartment

26 Facebook continues to invest in the region. Across the street from their Westlake offices, they acquired more than 150,000 square feet at 1101 Dexter earlier this year, and more than 384,000 square-feet at the Arbor Blocks project in December 2016. Facebook is approaching 1 million square- feet of office space in Seattle. According to mid-year announcements, they are expanding several products and platforms that are created by teams already located in Seattle, indicating a likely appetite for more office space through 2019. Currently the media company employs more than 2,000 people in the region.

Google is currently constructing three mid-rise office buildings in South Lake Union. The 620,000 project is slated for completion in 2019 and will consolidate employees from sites in Kirkland and Fremont. While Google has not yet confirmed how many people will work in the new location, the three-building project could accommodate 2,500 to 3,000 employees. Plans for the site include an option for an additional 400,000 square feet. Currently the search giant employs more than 1,900 employees in the area—the third-largest concentration of employees outside of Silicon Valley.

27 TECH WORKERS

Tech workers have more disposable income in Seattle than other major cities, according to a 2017 report by real estate listing site In January 2017, SpaceX leased a 40,625-square foot facility in Redmond with Zillow and networking site LinkedIn. Tech workers in Seattle can plans to renovate and insulate a portion of that location. These additional space expect to have about $5,500 of their income leftover each month, acquisitions, recent announcements about their “constellation” microsatellite, or about 54%, after paying rent and taxes. Compare that to Seattle’s and recent job postings fuel this speculation about their expansion in the Seattle biggest tech competitor, San Francisco, where the number calculates MD with a manufacturing facility in South Seattle. The $12-billion company to about $4,000 left over per month. The number jumps to nearly currently employs 60 people in the area, with reports to hire an additional 900 in $6,000 a month if that tech worker owns their home. Seattle beat the near-term. other notable innovation regions like Austin and Philadelphia.

Apple is expanding in the Seattle MD, but where? Following the 2016 acquisition of machine learning start-up Turi in February, rumors of Apple’s expansion have been circulating broadly. According to reports, Apple will likely stay at their current location at Two Union where they occupy 30,600 square- feet. Office brokers have stated that Apple is looking to lease 600,000 to 800,000 square-feet. However, only 72,000 square feet is available in the more than 1.1 million square-foot building they currently occupy, until others vacate. Neither Apple nor their landlord has released statements. Currently Apple employs 1,200 people in Washington State. The University of Washington announced Apple’s new $1 million endowment of a professorship in artificial intelligence and machine learning as they seek deeper connections and build their presence in the city. 28 In 2019, Expedia will finish moving its headquarters north of the downtown core into Seattle’s lnterbay neighborhood, after acquiring the former Amgen campus on the East shore of Lake Union for $229-million. The online travel giant cites alignment with In March 2017, Tableau Software moved its the Seattle tech hub and a recruiting advantage as instructive to the move. Currently headquarters to the NorthEdge building in Wallingford, Expedia employs around 3,500 employees with plans to hire an additional 1,000. north of Gas Works Park and just a mile from their previous location. The four-story mixed-use facility In 2018, we forecast that the Seattle MD will add 32,000 jobs. Local economists have will house the company’s 1,250 employees, and sublet consistently underestimated job growth in the region, largely due the punctuated— 4,000-square-feet on the second floor to retail tenants. and difficult to predict—growth from tech companies in the area.

INTERNATIONAL TRADE NUMBER 1 Another contributing pillar of Washington’s prominent economy is international trade. As the United States’ most trade-dependent state, international trade INVESTMENT MARKET creates numerous jobs for Washington workers, with 40 percent of the states’ IN THE U.S. jobs directly tied to international trade. Exports is a rapidly growing field, responsible for more than 30 percent of the new jobs created in the past three (URBAN LAND INSTITUTE) decades. This rise in exports is due to our large web of trading partners. While China is Washington’s largest trading partner, Canada and Mexico are not far behind.

29 BROKER BIO & CONTACT

ELLEN MOHL DAN STUTZ WESTLAKE ASSOCIATES, INC. CBRE | BROKERAGE SERVICES

1200 Westlake Ave N, Suite 310 1420 5th Ave , Suite 1700 Seattle, WA 98109 Seattle, WA 98101 (T) 206.505.9421 (T) 206.292.6097 [email protected] [email protected]

PROFESSIONAL BACKGROUND PROFESSIONAL BACKGROUND Ellen has worked in commercial real estate since 1987 representing buyers and sellers of Dan Stutz has an in-depth understanding of the Puget Sound office market. He works office, retail and industrial buildings as well as helping tenants find locations and landlords tirelessly on behalf of his clients to ensure that the transactions reflect all possible lease space. She brings a wealth of transactional experience and a local‘s knowledge of market elements that benefit his client. He assists a number of investor clients in the ac- the Seattle and Eastside markets having been born and raised in greater Seattle. quisition and disposition of commercial property. Dan also works on behalf of Landlord and Tenant clients in the greater Puget Sound market. As a result of Ellen’s experience, expertise and dedication, she represents multiple influ- ential clients who use her services exclusively. She also frequently receives agent referrals Dan began his commercial real estate career in 1988 at Grubb & Ellis, and has been a as well as referrals from pleased clients. Her high level of integrity has resulted in a loyal mainstay in the Greater Puget Sound area for over 30 years. customer base that provides them, and Ellen, with continued success year after year.

PARTIAL LIST OF SALES TRANSACTIONS PARTIAL LIST OF MAJOR TENANT TRANSACTIONS + 2111 NW Vernon Place Ballard $ 3,300,000 + RealNetworks 95,000 SF Lease + 1914 N 34th Street Lake Union $ 5,638,000 + Darigold, Inc. 63,600 SF Lease + 345 Andover Park E Tukwila $ 2,850,000 + Sedgwick Rd 54,000 SF Lease + 7111 Woodlawn Avenue N Greenlake $ 2,400,000 + Flow Energy 49,646 SF Lease + 1710 NW 57th Street Ballard $ 7,897,000 + Ben Bridge Jeweler (Corporate) 41,686 SF Lease + 4200 E Madison Street Madison Park $ 3,400,000 + Lease Crutcher Lewis 35,000 SF Lease + 3614 & 3628 Linden Ave N Fremont $ 11,500,000 + Hulu 25,296 SF Lease + 2056 NW Market Street Ballard $ 5,075,000 + GGLO, LLC 24,000 SF Lease + 14701 15th Ave NE Shoreline $ 2,610,000 + Washington State Hospital Assoc. 23,500 SF Lease

30 ABOUT WESTLAKE

Since 1975, Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sound Region.

Our unsurpassed commitment to creating and preserving our clients’ real estate investment wealth has resulted in thousands of successful transactions and a long history of repeat business and client referrals. The professionals at Westlake Associates collabo- ratively work with clients to develop customized, creative solutions designed to maximize investment returns.

We’ve built a strong foundation of experience in Investment Property Sales, Commercial Leasing, Property Management, and comprehensive real estate services over our 40 year history. We operate as a team and leverage each other’s resources and experi- ence to provide the highest level of client services.

+ MEMBER: Commercial Brokers Association (CBA) + MEMBER: Northwest Multiple Listing Services (NWMLS) + MEMBER: LoopNet National Listing Services + MEMBER: CoStar Commercial Real Estate Data and National Listing Services + MEMBER: Commercial Investment Real Estate Institute (CREI) + MEMBER: Washington State Realtors Association (WSMA)

31 ABOUT CBRE

The Seattle office of CBRE has been the leading commercial real estate service provider in the greater Puget Sound region for over a century; since 1908 we have been representing clients of all sizes in a range of functions.

Our team strives to provide the top-tier level of service for which CBRE has come to be known. Backed by world-leading research, we ensure our clients utilize our industry market expertise to make careful and informed decisions.

CBRE’s comprehensive services and delivery platform has set the benchmark for the commercial real estate industry. We cover every sector critical to the success of both the local market and the wider global economy. By business and service line, our of- fering comprises of Advisory and Transaction services, including all aspects of brokerage for investor or agency, as well as occupi- er and tenant clients; Project Management solutions; Property Management; Development Services (through our Trammell Crow Company subsidiary); integrated facilities management through our industry-leading Global Workplace Solutions (GWS) business; Capital Markets and Investments Management; and Valuation and Advisory Services.

Whether it is specific expertise from this office or from the near- est CBRE regional hub, our commitment to client service ensures we will deliver whatever real estate expertise is required. We look forward to helping you meet your real estate objectives.

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