TRIANON PROPERTY Ground Lease Offering Memorandum
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TRIANON PROPERTY Ground Lease Offering Memorandum PROPERTY Seattle High Rise Development Ground Lease Opportunity Trianon Property Contact 2505 Third Avenue S. Campbell Mathewson Seattle, WA 206.757.8893 [email protected] www.centurypacificlp.com 1201 Third Ave, Suite 1680 Seattle, WA 98101 PROPERTY OFFERING MEMORANDUM The owners of the Trianon Property (“Owners”) have engaged CenturyPacific, LLLP (“CenturyPacific”) as real estate advisor and agent, on an exclusive basis, in connection with a proposed ground lease of the property located at 2505 Third Ave in Seattle (the “Property”). This Confidential Offering Memorandum (“Memorandum”) is being delivered to a limited number of parties who may be interested in the Property. By acceptance hereof, each recipient agrees not to reproduce or use in whole or in part the information contained herein, or any other information that is not already public, and to use this Memorandum only for the purpose of evaluating the leasehold offering. This Memorandum has been prepared based partly upon information furnished by the Owners, who have reviewed it and authorized its use for the purpose and in the manner described above. The Owners, CenturyPacific, shareholders, partners and affiliates make no representations or warranties with regard to the accuracy or completeness of the information contained herein. CenturyPacific has conducted a limited review of the information contained in this Memorandum, but has not independently verified the accuracy or completeness thereof. CenturyPacific does not represent or warrant the accuracy or completeness of the information contained in this Memorandum. Nothing contained in this Memorandum should be construed as a representation by any person as to the future possibilities or performance of the Property. EACH POTENTIAL LESSEE IS EXPECTED TO CONDUCT ITS OWN DUE DILIGENCE. CenturyPacific, LLLP 1201 Third Avenue, Suite 1680 Seattle, WA 98101 Steven L. Wood S. Campbell Mathewson Managing Director Executive Vice President 206 757 8891 206 757 8893 [email protected] [email protected] Katherine K. Laird Michael E. Finch Contact Executive Vice President Vice President S. Campbell Mathewson 206.757.8893 [email protected] www.centurypacificlp.com 2 1201 Third Ave, Suite 1680 Seattle, WA 98101 TABLE OF CONTENTS I. Investment Summary 4 II. Property Summary 7 III. Stacking Plan 8 IV. Ground Lease Terms 9 V. Neighborhood 11 VI. Maps & Photos 14 VII. Transaction Details 21 Contact S. Campbell Mathewson 206.757.8893 [email protected] www.centurypacificlp.com 3 1201 Third Ave, Suite 1680 Seattle, WA 98101 I. INVESTMENT SUMMARY Trianon Property OVERVIEW The owner of the Trianon Property (“Owner”) is offering for long-term ground lease a one-half city block containing approximately 25,920 square feet of land located on the west side of 3rd Avenue between Vine and Wall Streets in Seattle’s Belltown neighborhood (“the Property”). With excellent proximity to Elliott Bay and just blocks from Amazon’s new corporate headquarters, this property constitutes one of downtown Seattle’s premier mixed-use residential redevelopment sites. SITE SUMMARY Address: 2505 Third Ave Seattle, WA 98121 Land Area: 25,920 SF Parcel Number: 0656000160 Zoning: DMR/R 240/65 Building Area (existing): Trianon Building (43,948 SF) PROPERTY The Property is located on the west side of 3rd Avenue between Vine and Wall Streets in downtown Seattle, WA. It has approximately 240 linear feet of frontage on 3rd Avenue north/south and 108 linear feet of frontage on Vine and Wall Streets east/west. The site is rectangular in shape and currently under-improved with a three-story retail/commercial building totaling approximately 57,620 SF. The topography of the site is generally flat. 3R T D S A E V IN E V 2 ST N D L A L V A E W Contact S. Campbell Mathewson 206.757.8893 [email protected] www.centurypacificlp.com 4 1201 Third Ave, Suite 1680 Seattle, WA 98101 INVESTMENT SUMMARY Trianon Property NEIGHBORHOOD The Trianon Property located in Seattle’s Belltown neighborhood adjacent to downtown and just blocks from Amazon’s new world headquarters is one of the most desirable mixed-use residential locations available in the Pacific Northwest. ZONING The Property is zoned DMR/R 240/65 by the City of Seattle. This zone permits a variety of residential, office, retail and hospitality uses. Per the Seattle Municipal Code, a residential redevelopment would have no maximum floor area ratio (FAR), a maximum height of 240-feet and a maximum lot coverage of 100% up to 65 feet, 55% from 65’-85’, 50% from 85’-125’ and 40% from 125’-240’. CenturyPacific recently sold a similarly-zoned property three blocks from the Property for over $1,000 per land square foot. TITLE REPORT A current, preliminary title report issued by First American Title Insurance Company is provided in the due diligence materials. PARKING CONVENANT IN FAVOR OF THE PROPERTY In 1997, the Owner sold a property on the east side of 4th Avenue between Vine and Wall Streets and, as a condition of the sale, reserved the rights to 20 parking spaces at 4th Avenue and Wall Street. These 20 stalls located one block from the Property are available to the Owner should the City of Seattle require off-site parking. The term of the agreement expires December 31, 2050 except “if the Parking Spaces are being used to provide required off- site accessory parking for any of Seller’s developments, and such Seller’s development still requires such offsite accessory parking at the termination date…[December 31, 2050]…then the term of this Parking Agreement shall be deemed extended until such later date on which such Seller’s development is demolished.” [see Parking Agreement and Covenant in Due Diligence Materials] ENVIRONMENTAL No known issues. Prospective ground lessees should conduct their own environmental and other due diligence. Contact S. Campbell Mathewson 206.757.8893 [email protected] www.centurypacificlp.com 5 1201 Third Ave, Suite 1680 Seattle, WA 98101 INVESTMENT SUMMARY Trianon Property EXISTING BUILDINGS Trianon Building: The site is improved with an existing 57,620 SF building constructed in 1926 and renovated in 1980. The building is occupied by a mix of office and retail tenants. Building Area 57,620 SF of building area Year Built 1926, renovated 1980 Construction Reinforced concrete HVAC Each suite is adequately heated and cooled. The HVAC system is in good working condition. Layout & Finish The Trianon Building is a three-story rectangular-shaped building oriented toward the east. The ground floor consists of four, grade-level individually demised retail/office suites The second level is demised as three professional office suites. The third level consists of five office suites. All retail suites are accessed via individual storefront doors. The second and third-floor offices are accessed via staircase. Quality & Condition Interior finishes vary by tenant and are of good quality and condition. The building is functional as a multiple-tenant building, with excellent location, exposure, access and parking. Parking & Site The site is entirely paved. Parking is available in the basement as well as along the alley to the west of the building. The site has approximately 43 striped parking spaces, with 14 of these outside in the alley and the remainder in the basement of the building, yielding a parking ratio of .75 stalls per 1,000 square feet of building area. Utilities All typical utilities, telecommunications and fiber are available to the site. Existing Tenants: The building contains approximately 51,936 SF of rentable area. There are 12 tenants and 2 vacant office suites totaling approximately 7,748 RSF. Of the 12 tenants, 11 have landlord termination rights (for redevelopment) upon no more than 12-months’ notice. One tenant lease may be terminated after January 2017. Copies of existing leases are available Contact in an online due diligence war room subject to receipt of an executed non-disclosure agreement. S. Campbell Mathewson 206.757.8893 [email protected] www.centurypacificlp.com 6 1201 Third Ave, Suite 1680 Seattle, WA 98101 II. PROPERTY SUMMARY Trianon Property FOR CONCEPTUAL PURPOSES ONLY. NO REPRESENTATION OR WARRANTY IS IMPLIED WITH THIS ANALYSIS. EACH POTENTIAL GROUND LESSEE IS EXPECTED TO CONDUCT ITS OWN DUE DILIGENCE WITH REGARDS TO ACCURATE ZONING, BULK, DIMENSION, HEIGHT, # OF UNITS, ETC. Site Address 2505 Third Avenue, Seattle, WA Partial Legal BELL & DENNYS 2nd ADD LESS POR FOR ST, Plat Block: 22, Plat Lot: 5-6-7-8 Site Orientation 1/2 block on west side of 3rd Avenue between Vine and Wall Streets King County Parcel Number 065600-0160 Parcel Size 25,920 SF Improvements 57,620 SF 3-story office building built in 1926, renovated 1980 Zoning DMR/R 240/65 Neighborhood/Overlay Belltown Urban Center Village Neighborhood Characteristics Several older buildings and new high-rise projects 3 blocks from Amazon's new corporate campus Site Dimensions Approximately 240 feet north/south along 3rd Avenue x 108 feet east/west along Vine St. and Wall St. % Lot Coverage for 25,000 SF+ parcel (SMC 23.49.156) 0-65' 100% 65'-85' 55% 85'-125' 50% 125'-240' 40% Each story in portions of structures above 125 feet shall have a maximum gross floor area of 8,000 SF (23.49.158(B)) Topography The site is relatively flat Design Review Required Height Limit 65' for nonresidential, 240' for residential Exceptions include open railings, planters, clerestories, skylights,