University District High-Rise Development Site

OFFERING MEMORANDUM U-DISTRICT HIGH-RISE SITE UNIVERSITY DISTRICT HIGH-RISE DEVELOPMENT SITE

A 42,414 SF Development Site Located in Seattle's University District, 6 Blocks from the

DEVELOPUDISTRICT.COM SEATTLE BOTHELL

NORTHGATE WASHINGTON

BALLARD KIRKLAND PORTLAND U-DISTRICT HIGH-RISE SITE

LAKE FREMONT WASHINGTON OREGON U DISTRICT

QUEEN ANNE REDMOND

CAPITOL SOUTH HILL BELLEVUE LAKE UNION ELLIOTT BAY SEATTLE

SOUTH MERCER WEST SEATTLE ISLAND SEATTLE

SAN FRANCISCO

CALIFORNIA

LOS ANGELES

EXCLUSIVELY LISTED BY

DYLAN SIMON JERRID ANDERSON MATT LAIRD Executive Vice President Executive Vice President Senior Associate 206.414.8575 206.499.8191 425.736.5516 [email protected] [email protected] [email protected] DEVELOPUDISTRICT.COM

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. U-DISTRICT HIGH-RISE SITE

EXECUTIVE SUMMARY EXECUTIVE 4541 9TH AVE NE SUMMARY APN:533520-0555 The U-District High-Rise Site is located 4533 9TH AVE NE blocks from Seattle’s esteemed APN:533520-0565

University of Washington and is comprised 4529 9TH AVE NE of 9 parcels of land totaling 42,414 SF. APN:533520-0576

With 320-foot, high-rise development potential, the site is perfectly poised to benefit from the blossoming innovation ecosystem developing in the University District as a result of encouraging partnerships between the university and large, local employers. 4525 9TH AVE NE APN:533520-0581

4501 9TH AVE NE | SEATTLE, WASHINGTON APN:533520-0595

320 FT 42,414 SF APN:082504-9020

ZONING HEIGHT TOTAL LAND AREA

4515 9TH AVE NE NE AVE 9TH APN:082504-9032

U-DISTRICT HIGH-RISE SITE 4505 9TH AVE NE

APN:082504-9037

17TH AVE NE NE AVE 17TH

AY NE E V W

T L

E H

V NE 45TH ST T

E 5

S 1

THE AVE O

O R 4501 9TH AVE NE APN:082504-9021

NE 45TH ST KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 4 EXECUTIVE SUMMARY

U-DISTRICT HIGH-RISE SITE

240' RESIDENTIAL

320' 65'

240'

240' MIXED RESIDENTIAL

U-DISTRICT HIGH-RISE SITE

42,414 SF Raw Development Site

320 ft High-Rise Zoning

6 blocks to University of Washington (#8 Global University)

4 blocks to Regional Light Rail Station

First Time on Market PORTAGE BAY Very Limited Amount Development Potential (see pg. 14 for more info) of Developable Land Office, BioTech, Residential, Hospitality, Student in High-Rise Zones

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 5 U-DISTRICT HIGH-RISE SITE

THE UNIVERSITY INNOVATION ECOSYSTEM THE UNIVERSITY INNOVATION ECOSYSTEM

UNIVERSITY Companies gravitate towards top-tier DISTRICT U-DISTRICT university locations to benefit from the HIGH-RISE SITE collective talent pool. This creates an ecosystem of connection and collaboration between burgeoning brainpower and economic strength.

THE VALUE OF INNOVATION ECOSYSTEMS BIOTECH IS EVIDENCED IN TWO MAIN CASE STUDIES: CORRIDOR 3-MIN

1. 2. EASTSIDE BELLEVUE SILICON VALLEY GREATER BOSTON KIRKLAND SOUTH REDMOND LAKE 15-MIN UNION 5-MIN

SEATTLE 8-MIN Seattle's esteemed University District is an CBD innovation ecosystem that is ripe for growth. Located at University of Washington's doorstep, the U-District High-Rise Site is perfectly poised to take full advantage of this ecosystem.

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 7 30-MIN Case Studies 1. SILICON VALLEY / BAY AREA 1-HR SAN COMPANIES HEADQUARTERED IN SILICON VALLEY FRANCISCO

The strength of the Valley’s office market is a reflection of its tenants, which have continued to grow and expand during the

COVID-19 pandemic 38-MIN

WealthManagement.com PALO VIEW ARTICLE ALTO

2. GREATER BOSTON

11-MIN CAMBRIDGE In 2016, GE transferred its world hQ along with

ESTABLISHED ONE OF MOVED ITS U.S. R&D 600 tech-oriented jobs BOSTON ITS LARGEST RESEARCH HEADQUARTER TO CENTERS IN 2014 CAMBRIDGE IN 2015 to Boston in order to be at the center of an

12-MIN ecosystem that shares OTHER COMPANIES NOW IN GREATER BOSTON our aspirations. Facebook, Twitter, and Amazon have established East Coast headquarters or opened engineering and R&D offices in the area, joining Google, IBM, Schlumberger, Jeffrey R. Immelt Microsoft, Comcast, and Oracle, among others THEN-CEO, GE

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 8 THE FUTURE OF THE UNIVERSITY DISTRICT The University of Washington’s approved 2019 Master Plan calls for 6,000,000 SF of new development over the next 10 years to support the university and the neighborhood’s exponential growth as it blossoms into an innovation district.

The UW is committed to creating an inclusive innovation district within its campus that shall give students the hands-on experiences and tools they need to succeed and shall reinforce the UW as a major innovation and economic hub in STRATEGIC PARTNERSHIPS the region and a top-tier place for learning and The Master Plan aims to support and encourage partnerships between UW academics and nearby industries to foster job professional growth. growth and economic development.

VIEW FULL MASTER PLAN WEST CAMPUS RENDERING SOURCE: 2019 SEATTLE CAMPUS MASTER PLAN

BUILDING UW'S & THE UNIVERSITY DISTRICT'S FUTURE

$5,000,000 $10,000,000 $10,000,000 $10,000,000 $40,000,000 $480,000,000 COMPUTER SCIENCE & COMPUTER SCIENCE & COMPUTER SCIENCE & COMPUTER SCIENCE & COMPUTER SCIENCE & GLOBAL HEALTH ENGINEERING DEPARTMENT ENGINEERING DEPARTMENT ENGINEERING DEPARTMENT ENGINEERING DEPARTMENT ENGINEERING DEPARTMENT DEPARTMENT (IHME)

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 9 PERSPECTIVE VIEWS FROM SITE

Looking South from 225 ft

Looking South from 325 ft

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 10 U-DISTRICT HIGH-RISE SITE

DEVELOPMENT POTENTIAL DEVELOPMENT 42,414 FT 320 FT TOTAL LAND AREA ZONING HEIGHT

POTENTIAL OFFICE, BIOTECH, RESIDENTIAL, Two potential development options HOSPITALITY, STUDENT massed by VIA Architecture POTENTIAL USES

710 Units | Avg Size: 626 SF 281,900 SF Office Floor Area

TWO RESIDENTIAL TOWERS OFFICE / R&D LAB TOWER 01 02

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 12 TWO RESIDENTIAL TOWERS | PERSPECTIVE & PLANS 01 TOWER HEIGHTS - 320FT & ~240FT

TYPICAL TOWER LEVEL

3BR TOWNHOMES 3BR TOWNHOMES BIRDSEYE SOUTHWEST

LEVEL 2

BOH/ LOBBY/ LOADING AMENITY LOADING/BOH LOBBY OPEN AMENITY SPACE

3BR TOWNHOMES 3BR TOWNHOMES

GROUND LEVEL SCL/ELEC/MEP

BIRDSEYE NORTHWEST PARKING LEVEL

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 13 TWO RESIDENTIAL TOWERS | METRICS 01 NORTH TOWER

4500 9500 9500 9500 SITE AREA 42,290 SF 9500 9500 BASE FAR 4.75 SOUTH TOWER 9500 9500 MAX FAR 12.5 2000 6200 9500 TOTAL AREA 547,790 9500 9500 9500 9500 W/3.5% MECH REDUCTION 528.617 9500 9500 9500 9500 FAR 12.5 9500 9500 9500 9500 REQ'D OPEN SPACE 16,387 9500 9500 9500 9500 BUILDABLE SITE AREA 25,903 9500 9500 REQUIRED RES AMENITY 9500 9500 26,431 9500 9500 50% MAX INDOOR AMENITY 13,215 9500 9500 9500 9500 TOTAL # UNITS 710 9500 9500 9500 9500 TOTAL RESIDENTIAL AREA 519,670 9500 9500 9500 9500 ASSUMED EFFICIENCY 83% 9500 9500 9500 9500 TOTAL LEASEABLE AREA 444,266 9500 9500 AVG UNIT SIZE 9500 9500 626 9500 9500 PARKING AREA 160,100 7300 6370 6000 6000 45TH 3250 3450 3850 12080 3200 4920 ALLEY AREA/STALL 375 38900 2250 38900 # OF STALLS 427 41150 PARKING RATIO 0.60 41150

CURRENT OWNERSHIP IN PROGRESS WITH PLANS & PERMITTING FOR SINGLE TOWER DEVELOPMENT. SEE 3035483-LU AT WEB6.SEATTLE.GOV/DPD/EDMS/ OR DOCUMENT LIBRARY FOR MORE INFORMATION

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 14 OFFICE / R&D LAB TOWER | PERSPECTIVE & PLANS 02 TOWER HEIGHT - 160FT

OFFICE/LAB

TYPICAL TOWER LEVEL (4-11)

OFFICE/LAB

BIRDSEYE SOUTHWEST

PODIUM LEVEL

LOADING/BOH OPEN OFFICE/LAB OFFICE/LAB SPACE

OFFICE LOBBY

GROUND LEVEL

BIRDSEYE NORTHWEST PARKING LEVEL

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 15 OFFICE / R&D LAB TOWER | METRICS 02

AVAILABLE SITE AREA 42,290 SF

1000 BASE FAR 4.75 24000 FAR 24000 7 24000 TOTAL AREA ABV GRADE 294,700 24000 24000 W/3.5% MECH REDUCTION 284,386 24000 FAR 6.72 24000 24000 REQ'D OPEN SPACE 6,344 24000 TOTAL OPEN SPACE 6,425 24000

45TH 2125 22100 2000 9800 4300 ALLEY OFFICE FLOOR AREA 281,900 38000 3000 PARKING AREA 117,000 38000 41000 AREA/STALL 375

# OF STALLS 312

OFFICE AREA/STALL 904

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 16 DOCUMENT LIBRARY

For more information on current entitlements and development details, please see the document library.

CONTENTS Massing Study

Phase I Environmental Report

Phase II Environmental Report

Geotechnical Report

Survey

Other Property / Development Reports

Info on Single-Tower Development

ACCESS DOCUMENT LIBRARY

VIEW FROM U-DISTRICT LOOKING SOUTH TO SEATTLE CBD AND LAKE UNION

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 17 U-DISTRICT HIGH-RISE SITE

1. OFFICE / BIOTECH LEASE COMPS Cohort Markets vs. Seattle/Bellevue Notable Regional Lease Comps

2. RESIDENTIAL RENTAL RATES High-Rise Residential Rates Trended Rental Rates

3. EXISTING BUILDING SALES Office/BioTech Sale Comps Residential Sale Comps

4. LAND SALES HIGH-RISE University District Land Sales Regional Land Sales Exceptional Land Sales

COMPARABLES LEASE RATE GROWTH IN COHORT MARKETS

LAST CYCLE CURRENT

108% SAN FRANCISCO $42 $87

162% PALO ALTO $37 $96

191% BOSTON $34 $66 $38 184% $108 CAMBRIDGE

Seattle & Bellevue are currently positioned where the Bay Area & Boston/ $54 Cambridge were last cycle. SEATTLE FORECASTED TO DOUBLE The path is clear for Exponential Rental Rate Growth going forward. $41 BELLEVUE FORECASTED TO DOUBLE DATA SOURCED THROUGH COSTAR. AVERAGE GROSS RENT SHOWN. LAST CYCLE DATA FROM 2004-2007. CURRENT DATA FROM LAST 4 YEARS.

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 19 NOTABLE REGIONAL LEASE COMPS

Building Name Address City Neighborhood Year Built Type Lease Signed Leased SF Rent/SF 01 WATERSHED 900 N 34th St Seattle Fremont 2020 NNN 2019 22,000 $52 02 FREMONT CROSSING 316 Florentia St Seattle Fremont 2021 NNN 2019 59,000 $45 03 THE ATRIUM - ALEXANDRIA NORTH CAMPUS 188 E Blaine St Seattle South Lake Union 2019 NNN 2019 33,000 $61 04 199 E BLAINE BUILDING - ALEXANDRIA SOUTH CAMPUS 199 E Blaine St Seattle South Lake Union 2010 NNN 2020 110,000 $66 05 RAINIER SQUARE 411 Union St Seattle Downtown 2020 NNN 2019 115,000 $48 06 QUALTRICS TOWER AT 2+U 1201 2nd Ave Seattle Downtown 2020 NNN 2019 128,000 $45 07 QUALTRICS TOWER AT 2+U 1201 2nd Ave Seattle Downtown 2020 NNN 2020 121,000 $48 08 KELLY SPRINGFIELD BUILDING 1525 11th Ave Seattle Downtown 2019 NNN 2020 84,000 $44 09 RAINIER SQUARE 411 Union St Seattle Downtown 2020 NNN 2020 15,000 $50 10 MADISON CENTRE 505 Madison St Seattle Downtown 2017 NNN 2019 22,000 $44 11 333 DEXTER 333 Dexter Ave N Seattle Downtown 2020 NNN 2019 640,000 $45 12 MADISON CENTRE 505 Madison St Seattle Downtown 2017 NNN 2019 44,000 $52 13 MADISON CENTRE 505 Madison St Seattle Downtown 2017 NNN 2018 67,000 $42 14 QUALTRICS TOWER AT 2+U 1201 2nd Ave Seattle Downtown 2020 NNN 2018 199,000 $49 15 TABLEAU DATA 1 744 N 34th St Seattle Fremont 2017 NNN 2017 114,000 $54 16 555 TOWER 555 108th Ave NE Bellevue Downtown 2023 NNN 2020 974,000 $50 17 BELLEVUE PLAZA 117 106th Ave NE Bellevue Downtown 2023 NNN 2020 1,030,000 $53 18 1001 TOWERS 1001 106th Ave NE Bellevue Downtown 2022 NNN 2019 712,000 $39 19 BLOCK 6 1646 123rd Ave NE Bellevue Spring District 2021 NNN 2019 325,000 $52 20 BLOCK 24 1229 124th Ave NE Bellevue Spring District 2021 NNN 2019 167,000 $47 21 BLOCK 16 1227 124th Ave NE Bellevue Spring District 2020 NNN 2018 329,000 $41 22 ONE ESTERRA PARK 2690 152nd Ave NE Redmond Overlake 2023 NNN 2020 247,000 $48

EXCEPTIONAL BIOTECH LEASE COMPS Average $49

RAINIER SQUARE QUALTRICS TOWER AT 2+U MADISON CENTRE 555 TOWER

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 20 HIGH-RISE RESIDENTIAL RENTAL RATES | PRE-COVID

Property Address Neighborhood City Year Units Avg. Unit Size Average Rent* Average Rent/SF 01 WEST EDGE 1430 2nd Ave Downtown Seattle Seattle 2018 340 984 $3,811 $3.87 02 TOWER 12 2015 2nd Ave Downtown Seattle Seattle 2017 313 872 $3,380 $3.88 03 KINECTS 1823 Minor Ave Belltown Seattle 2017 357 869 $3,304 $3.80 04 HELIOS 1600 2nd Ave Downtown Seattle Seattle 2017 398 757 $3,125 $4.13 05 TWO LINCOLN TOWER 10485 NE 6th St Downtown Bellevue Bellevue 2018 218 1,373 $7,153 $5.21 06 MCKENZIE 2202 8th Ave Belltown Seattle 2018 449 787 $3,267 $4.15 07 THE M 4700 Brooklyn Ave NE University District Seattle 2020 230 637 $3,256† $5.11 08 KIARA 111 Terry Ave N South Lake Union Seattle 2018 459 816 $3,578 $4.39 09 BRIO 11130 NE 10th St Downtown Bellevue Bellevue 2020 239 717 $2,863† $4.03 10 MERA 630 Boren Ave N South Lake Union Seattle 2019 70 998 $4,169 $4.18 11 HELM 602 Terry Ave N South Lake Union Seattle 2019 79 1,011 $4,049 $4.06 12 AVALON BELLTOWN 210 Wall St Belltown Seattle 2019 274 847 $3,436 $4.10 13 ARRIVE 2116 4th Ave Belltown Seattle 2019 344 791 $3,320 $4.20 14 ASCENT SLU 1145 Republican St South Lake Union Seattle 2018 250 934 $3,785 $4.05 15 AMLI ARC 1800 Boren Ave Belltown Seattle 2017 393 778 $3,212 $4.13 Averages 878 $ 3,714 $ 4.22

*2019 STABILIZED RENTAL RATE † NO HISTORICAL DATA, 2020 RENTAL RATES SHOWN THE M IN THE UNIVERSITY DISTRICT LEASED-UP IN 2020 DATA SOURCED THROUGH YARDI MATRIX AND IS ALREADY ACHIEVING OVER $5/SF

STABILIZED MARKET RENTS

Year Rent Growth Rent / SF Rental rate data from 2019 2019 - $4.22 2020 - - illustrates stabilized pre-covid 2021 - - Under Contract / DD 2022 3.5% $4.37 average rental rates for new 2023 4.0% $4.54 Construction 2024 5.0% $4.77 residential high-rise buildings. 2025 6.0% $5.05 Lease-Up 2026 4.5% $5.28 Stabilization 2027 4.0% $5.49

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 21 OFFICE / BIOTECH SALES COMPS

U-DISTRICT HIGH-RISE SITE

FREMONT KIRKLAND 01 02 UNIVERSITY DISTRICT

QUEEN ANNE 03 CAPITOL 03 04 HILL 05 BELLEVUE 04 02 06 01 05 06 07 SEATTLE

07 Property City Neighborhood Built Commercial SF Sale Date Price $/SF Cap QUALTRICS TOWER AT 2+U Seattle Downtown 2018 687,380 12/21/2020 $651,000,000 $947 4.6% 01 1201 2nd Ave 1918 EIGHTH AVENUE Seattle Downtown 2009 668,886 12/21/2020 $625,000,000 $934 4.6% 02 1918 8th Ave ALEXANDRIA LIFE SCIENCE PORTFOLIO (3) Seattle Eastlake 2010 322,858 12/08/2020 $450,000,000* $1,394 - 03 1201 & 1208 Eastlake Ave E, & 199 E Blaine St BLOCK 16 - SPRING DISTRICT Bellevue Spring District 2020 343,528 10/30/2020 $365,000,000 $1,063 3.7% 04 1227 124th Ave NE AMAZON APOLLO Seattle South Lake Union 2015 317,804 12/27/2019 $270,100,000 $850 - 05 325 9th Ave N TOWER 333 Bellevue Bellevue 2008 435,406 03/13/2020 $401,500,000 $922 4.2% 06 333 108th Ave NE F5 TOWER Seattle Downtown 2017 458,000 12/23/2019 $458,000,000 $1,000 4.8% 07 801 5th Ave Averages 2014 461,980 $1,016 4.4%

*THE BUYER ACQUIRED A 70% INTEREST IN THE PROPERTIES. EXCEPTIONAL BIOTECH SALE.

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 22 RESIDENTIAL SALES COMPS

EAST QUEEN LAKE ANNE LAKE UNION 01

SOUTH LAKE UNION LAKE WASHINGTON 01 CAPITOL HILL 02 SEATTLE 02 ELLIOTT CBD 03 BAY

Property Neighborhood Built Units Commercial SF Residential SF Avg. Unit Size Sale Date Price $/Unit $/SF Cap KIARA South Lake Union 2018 461 15,247 339,320 736 07/15/2020 $320,000,000 $694,143 $903 3.7% 01 111 Terry Ave N THE DANFORTH First Hill 2018 265 39,957 221,630 836 12/19/2020 $210,000,000 $792,453 $803 4.4% 02 1425 Spring St THE PERRY First Hill 2019 209 11,426 105,050 503 06/27/2019 $96,000,000 $459,330 $824 4.4% 03 1001 Minor Ave Averages 2018 312 220,000 692 $648,642 $843 4.2%

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 23 UNIVERSITY DISTRICT HIGH-RISE LAND SALES

U-DISTRICT HIGH-RISE SITE

NE 45TH ST

02 11TH AVE NE 11TH AVE 15TH AVE NE 15TH AVE ROOSEVELT WAY NE WAY ROOSEVELT 7TH AVE NE 7TH AVE

04 MONTLAKE BLVD NE

NE CAMPUS PKWY

Property Development Type Land SF Zoning Max FAR Units Sale Date Price $/LSF $/Unit $/ FAR SF Sale Notes

GREYSTAR SITE* Student Housing 16,317 SM-U/R 75-240 (M1) 10 226 10/1/2020 $16,656,000 $1,021 $73,699 $102 Developer Terms 01 4138 12th Ave NE

LANDMARK Student Housing 41,200 SM-U/R 75-240 (M1) 10 404 10/31/2019 $39,140,000 $950 $96,881 $95 Raw Sale 02 4206-4238 12th Ave NE

CAHILL/ BARRIENTOS Apartments 16,386 SM-U 95-320 (M1) 12 342 09/06/2019 $16,500,000 $1,007 $48,246 $84 Raw Sale 03 1300 NE 45th St

TYEE/LEVERE - 20,600 SM-U 75-240 (M1) 12 - 10/19/2018 $20,000,000 $971 - $81 Raw Sale 04 4105-4115 Brooklyn Ave N

Averages $987 $72,942 $90

*ALONG WITH THE ASSEMBLAGE, GREYSTAR ALSO PURCHASED THE LANDMARKED VILLA CAMINI APARTMENTS WHICH ALLOWED FOR AN ADDITIONAL 4 FLOORS FOR THEIR DEVELOPMENT. THE SALES PRICE SHOWN ABOVE REMOVES THE ESTIMATED VALUE OF VILLA CAMINI TO ARRIVE AT AN ADJUSTED LAND SALE PRICE.

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 24 REGIONAL HIGH-RISE LAND SALES FAIRVIEW AVEN

05 01 WESTLAKE AVEN DEXTER AVEN

E OLIVE WAY 04 02

DENNY WAY

03 06 SEATTLE CBD

Property Development Type Land SF Zoning Units Sale Date Price $/LSF $/Unit Sale Notes

SHORENSTEIN Office 18,000 SM SLU 160/85-240 - 12/02/2020 $17,000,000 $944 - Raw Sale 01 221-235 9th Ave

AC HOTEL Hotel 9,569 SM 240/125-400 - 08/27/2019 $8,700,000 $909 - Dev Terms 02 117 Yale Ave N

CONCORD PACIFIC Apartments/Condos 41,344 DMC 240/290-400 953 08/07/2019 $72,000,000 $1,741 $75,551 Dev Terms 03 1901-1913 Minor Ave

THE WAVERLY Sold as an Apartments/Church 21,000 SM-SLU 85-280 374 07/24/2019 $20,000,000 $952 $53,476 04 200 8th Ave N entitled site

GEMDALE CLOUD TOWER Apartments 18,000 SM-SLU 175/85-280 340 06/28/2019 $25,666,666 $1,426 $75,490 Partial Dev Terms 05 222-228 Dexter Ave N

1000 VIRGINIA Apartments 14,400 DMC 240/290-440 435 40/01/2019 $22,000,000 $1,528 $50,575 Partial Dev Terms 06 1000 Virginia St

Averages $1,250 $63,773

*RESIDENTIAL SF IS EXEMPT FROM FAR IN DOWNTOWN & SOUTH LAKE UNION ZONES

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 25 EXCEPTIONAL HIGH-RISE LAND SALES

801 3RD AVE 1825 7TH AVE SEATTLE, WA SEATTLE, WA

Fully entitled development site for a 36-story state-of-the-art office tower. The Sale of 5 parcels, including a 1926-built historic building. The 3 tower project is Net features a side-core design and multi-level rooftop amenity space. This in the early stages of permitting and calls for incorporating the historic building exceptional land sale represents investors’ demand for a one-of-a-kind, masterfully into the development. This exceptional land sale represents investors’ demand designed and permitted development opportunity in Seattle. for a raw, multi-tower development opportunity in Seattle.

$127,000,000 $133,000,000 PRICE PRICE

$4,469 $2,229 $/LSF $/LSF

28,572 59,677 LAND SF LAND SF

DOC1U/450/U DOC2 500/300-550 ZONING ZONING

9/11/2020 12/12/2019 SALE DATE SALE DATE

PERMITTED SALE RAW SALE SALE NOTES SALE NOTES

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 26 U-DISTRICT HIGH-RISE SITE

LOCATION OVERVIEW LOCATION OVERVIEW The University District is experiencing a renaissance. The University of Washington’s exponential growth over the past decade — particularly in the engineering, computer science, and life sciences fields — attracts top minds to the University and to the area.

The neighborhood is reaping the benefits of the University’s growth. Recently approved upzoning will increase density in the area, while a new light rail station will cut commutes UNIVERSITY OF WASHINGTON in half. The U-District has long been a beloved spot for students in search of books, coffee, and food, but in the next few years it will evolve into the city’s next tech hot spot. THE AVE

1 2 8

2019 2019 2020 MOST INNOVATIVE U.S. U.S. PUBLIC GLOBAL UNIVERSITY PUBLIC UNIVERSITY INSTITUTIONS RANKING Reuters Top 100: The World's U.S. News & World Report's U.S. News & World Report's Most Innovative Universities Best Global Universities Best Global Universities

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 28 PROXIMITY TO MAJOR EMPLOYERS

ELLIOT BAY

EASTLAKE AVE E LAKE UNION

The U-District High-Rise Site is within 10 Minutes of world-renown companies. PORTAGE BAY

ROOSEVELT WAY NE

NE 45TH ST

48,734 Students 25,000 Faculty/Staff

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 29 UNIVERSITY OF WASHINGTON CAMPUS MASTER PLAN & INNOVATION DISTRICT FRAMEWORK

MOST INNOVATIVE U.S. U.S. PUBLIC GLOBAL UNIVERSITY UW's Master plan approved by PUBLIC UNIVERSITY INSTITUTIONS RANKING Seattle City Council calls for up to 1 Reuters Top 100: The World's 2 U.S. News & World Report's 8 U.S. News & World Report's 6,000,000 SF in new construction Most Innovative Universities Best Global Universities Best Global Universities over the next 10 years, including a 2019 2019 2020 high-rise “innovation district"

48,734 TOTAL STUDENT ENROLLMENT 2020 71% STUDENTS LIVE IN OFF-CAMPUS HOUSING 40.2% OF ENROLLED STUDENTS ARE OUT-OF-STATE & INTL Seattle Campus, Autumn 2020 Seattle Campus, Autumn 2019 Seattle Campus, Autumn 2019

20% GROWTH IN TOTAL STUDENT POPULATION FROM 14'-18' 80,479 PREDICTED UW POPULATION BY 2028 UW GENERATED $15.7B IN FY 2018 & SUPPORTED +100K JOBS

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 30 THE NEW TECHNOLOGY HUB Top 5 First Choice Majors of UW's Incoming Freshmen

COMPUTER SCIENCE Major companies are invested in the growth & future of 7K & ENGINEERING the University of Washington and the University District. 6K

5K BUSINESS MAJOR CONTRIBUTIONS TO UW'S COMPUTER SCIENCE & ENGINEERING DEPARTMENT

BIOTECH 3K PSYCHOLOGY 2K ECONOMICS $5,000,000 $10,000,000 $10,000,000 $10,000,000 $40,000,000 1K

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

U-DISTRICT HIGH-RISE SITE Nearly 75% of graduates remain in Washington State – with most staying in Seattle.

THE BILL & MELINDA GATES CENTER

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 31 CENTER OF CONNECTION SHORELINE LIGHT RAIL STOP NORTH (2024) LIGHT RAIL LINE

HIGHWAYS As Seattle continues to grow, no amenity is more valuable than connectivity. The U-District High-Rise Site NORTHGATE (2021) provides options to walk, bike, drive, or take the light rail REDMOND BALLARD (2024) anywhere one needs to go (2035) within five minutes. U-DISTRICT (2021) REDMOND TECH (2023)

UNIVERSITY OF WASHINGTON CAMPUS (LEARN) BELLEVUE (2023)

SOUTH LAKE UNION (WORK)

DOWNTOWN SEATTLE (WORK)

CAPITOL HILL (ENTERTAINMENT & FOOD) ROOSEVELT WAYNE THE AVE (ENTERTAINMENT & FOOD) NE 50TH ST 15TH AVENE 11TH AVENE ALASKA 9TH AVENE JUNCTION GREEN LAKE PARK (ENTERTAINMENT & FOOD) (2030)

U-DISTRICT NE 45TH ST HIGH-RISE SITE 4 BLOCKS UNIVERSITY VILLAGE (ENTERTAINMENT & FOOD) 7TH AVENE

MAJOR FREEWAYS (CONNECTIVITY) FUTURE LIGHT RAIL STATION

LIGHT RAIL STATION (CONNECTIVITY)

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 32 SURROUNDED BY AMENITIES

5-MIN 10-MIN 15-MIN

NE 50TH ST

RETAIL THE CORE AVE & FAMOUS 120+ UPSCALE SHOPS FOR ITS U-DISTRICT & RESTAURANTS GROWING GOOD EATS, HIGH-RISE SITE GREAT OFFICE COFFEE & HUB BARS. NE 45TH ST

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 33 ACCESS TO EMPLOYMENT CENTERS

20,500 EMPLOYEES

10 MINUTES U-DISTRICT HIGH-RISE SITE 97,000 EMPLOYEES

Fremont 18 MINUTES

4,500 EMPLOYEES 60,000 EMPLOYEES Redmond

18 MINUTES 2 MINUTES Interbay U District

253,000 EMPLOYEES 159,000 EMPLOYEES PUGET 60,000 EMPLOYEES SOUND 10 MINUTES 14 MINUTES 7 MINUTES LAKE Seattle CBD WASHINGTON Bellevue SLU

TOP PUGET SOUND AREA COMPANIES

KIDDER MATHEWS U-DISTRICT HIGH-RISE SITE  OFFERING MEMORANDUM 34 EXCLUSIVELY LISTED BY

DYLAN SIMON Executive Vice President 206.414.8575 [email protected]

JERRID ANDERSON Executive Vice President 206.499.8191 [email protected]

MATT LAIRD Senior Associate 425.736.5516 [email protected]

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