ELLIOTT BAY
1110 ELLIOTT AVE W
ELLIOTT AVE W
NEW HEADQUARTERS
1110 ELLIOTT SITE Future Development Opportunity with Easy Access to Seattle CBD & Adjacent to Expedia’s 40-Acre Headquarters
OFFERING MEMORANDUM | SEATTLEINTERBAYSITE.COM CONTACT
JASON ROSAUER 206.296.9608 [email protected]
ROB ANDERSON 206.296.9644 [email protected]
KRISTYN KRUEGER 206.398.2270 [email protected]
1110 ELLIOTT AVE W
KIDDER.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. ELLIOTT AVE W 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. 01 INVESTMENT SUMMARY The Offering Offering Process TABLE OF Investment Highlights CONTENTS 02 PROPERTY DESCRIPTION Property Summary Zoning Information
03 LOCATION OVERVIEW Location Highlights Aerials Neighborhood Amenities Major Employers Demographics Transportation
04 MARKET OVERVIEW Puget Sound Review Top Puget Sound Employers QUEEN ANNE
1110 ELLIOTT AVE W
ELLIOTT AVE W DOWNTOWN SEATTLE
01 EXECUTIVE SUMMARY
THE OFFERING
OFFERING PROCESS
INVESTMENT HIGHLIGHTS
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 5 QUEEN ANNE DOWNTOWN SEATTLE
EXPEDIA BRIDGE
1110 ELLIOTT AVE W
ELLIOTT AVE W
NEW HEADQUARTERS BNSF RAILROAD
6 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM EXECUTIVE
SUMMARY industrial, restaurant, among others. With Expedia already underway transitioning three to four thousand Kidder Mathews is pleased to this offering presents an incredible of their employees into the strongest employment growth including Amazon, present the opportunity to acquire future development opportunity. neighborhood, thousands of new Apple, Google, F5 networks amongst several other the 1110 Elliott Site located in Enjoying expansive views of apartment units recently completed world leading tech giants that are rapidly expanding Seattle’s Interbay neighborhood. Seattle’s Elliott Bay, easy access to along the Elliott/15th corridor, and in South Lake Union. This job growth, combined with Seattle’s Central Business District, a rapidly expanding downtown Seattle’s robust transportation system via bus and and situated amidst tremendous business district, the property is incoming light rail station that will include an Interbay job growth and vibrant industry well-positioned to absorb the influx THE OFFERING stop, the 1110 Elliott Site offers a prospective buyer leaders, this offering is truly a core of demand and will benefit from any an exceptional opportunity to acquire core real estate Kidder Mathews is pleased to opportunity with significant upside future development. with immense upside in one of the world’s strongest present the opportunity to acquire potential. markets. the 1110 Elliott Site located in Located less than five minutes from Seattle’s Interbay neighborhood. Currently operated as a parking lot, downtown and bordered by Seattle’s Positioned off of the highly trafficked the 1110 Elliott Site includes 29,176 affluent Magnolia neighborhood to OFFERING PROCESS Elliott Avenue West corridor SF of land located in Seattle’s newly the west and Queen Anne to the The 1110 Elliott Site is being offered for sale unpriced. connecting Ballard, Queen Anne, up-zoned Industrial Commercial (IC- east, the Interbay neighborhood The ownership will review and respond to offers as and Magnolia to Seattle’s CBD 65’ M) zone allowing for a larger, is positioned in the heart of much submitted while reserving the right to call for offers and directly across from Expedia’s dense project with numerous of the region’s growth. The 1110 at a later date. Additional information can be found brand new 40-acre headquarters, potential end uses including office, Elliott Site is within minutes to the online at www.SeattleInterbaySite.com
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 7 MAGNOLIA ELLIOTT BAY
NEW HEADQUARTERS
BNSF RAILROAD
40 600K+ 900M+ 8K+
ACRES TOTAL SF DEVELOPMENT BUDGET EMPLOYEES
8 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM INVESTMENT HIGHLIGHTS
EXPEDIA’S NEW HEADQUARTERS Located directly across the street, Expedia’s brand new $900M campus stretches over 40 acres with more than 600,000 SF and PROXIMITY TO TOP TIER the ability to eventually house more EMPLOYERS than 8,000 employees. Transition Seattle’s positive job growth and into the new campus has just begun tremendous population growth, with full occupancy to take place by up more than 70% since 2010, is August 2020 upon completion of ROBUST NEIGHBORHOOD WITH EXCELLENT DEMOGRAPHICS largely attributed to the expanding the campus’ second phase. real estate footprint of several of With approximately 1,340 the world’s leading technology STRONG REGIONAL ECONOMIC residential units recently completed UNPARALLELED VISIBILITY AND employers including Amazon, OUTLOOK and an additional 2,107 units GREAT ACCESS OFF HEAVILY Apple, Facebook, and Google, with Named as the nation’s top market in the pipeline within a 1-mile TRAFFICKED ARTERIAL Expedia and F5 Networks located in by Urban Land Institute, Seattle radius, the surrounding area will Once known for its railroad and close proximity along Elliott Avenue continues to garner significant continue to densify as the Seattle manufacturing roots, Seattle’s West. In addition, the South Lake attention from employers and market continues to grow and highly trafficked Elliott Corridor runs Union neighborhood, is underway developers all over due to its job expand outward bringing with it a along the waterfront and connects to house a new office for Google opportunities, rapid population well-educated and highly-skilled the Interbay neighborhood to totaling over 600K SF as well as growth, innovation, educated labor force. downtown Seattle. Positioned Apple who has plans totaling 630K employment base, and nation right off of Elliott Ave, the property SF in two 12-story office towers. leading rent and job growth. Leading offers excellent access to any EXCEPTIONAL VIEWS OF THE These large developments as well the way for much of the country, future development as well as PUGET SOUND as the several smaller projects in Seattle continues to experience exceptional visibility to the 55,000 Located within blocks of Elliott Bay, the pipeline will continue to bring unprecedented economic growth daily commuters the Elliott Corridor any future development will benefit a large influx of population and conveying its economic longevity now brings. from expansive waterfront views. growth to the area. for the foreseeable future.
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 9 QUEEN ANNE
1110 ELLIOTT AVE W
D LINE + 7 ADDITIONAL SEATTLE TRANSIT BUS ROUTES
ELLIOTT AVE W DOWNTOWN SEATTLE
02 PROPERTY DESCRIPTION
PROPERTY SUMMARY
ZONING INFORMATION
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 11 QUEEN ANNE
1110 ELLIOTT AVE W
D LINE + 7 ADDITIONAL SEATTLE TRANSIT BUS ROUTES
ELLIOTT AVE W
55K/DAY Traffic Count
12 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM PROPERTY SUMMARY
Property Name 1110 Elliott Site
Address 1110 Elliott Ave W
Parcel 6169901775 PROPERTY Land SF 29,176 Zone IC-65’ (M)
Urban Village Overlay Ballard-Interbay-Northend DESCRIPTION Est Tree Canopy Coverage 55.5% 40% Steep Slope Yes The property fronts Elliott Avenue West, directly across from Expedia’s Frequent Transit Area Yes new Headquarter campus, on Elliott PROPETY DETAILS Bay. The property is mostly level and POTENTIAL MASSING The 1110 Elliott Site is located consists of a 29,176 SF rectangular Zone IC-65' (M) on Elliott Avenue West, in close lot with the southwestern portion proximity to Seattle’s principal utilized as a parking lot, currently Max FAR 2.75 financial districts, the Lower Queen leased on a month-to-month basis. Max Height 65' Anne business and entertainment Located in Seattle’s Industrial district – including the Seattle Center Commerical (IC-65’ M) zone and Estimated Total Gross Buildable SF 80,234 SF – and the thriving and continually within a frequent transit area developing South Lake Union, allowing for a 15% vehicle parking home to several large employers reduction, this property is readily including Amazon, Google, and developable for a wide range of *OVERLAY HAS NO DIRECT IMPACT ON ANY DEVELOPMENT PROPOSED OR Apple. end uses. EXISTING, PER THE CITY OF SEATTLE
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 13 ZONING INFORMATION The 1110 Elliott Site is located in Seattle’s Industrial Commercial zone allowing for a broad use of industrial and office uses. Previously limited to a height of 45 feet, the City of Seattle has up-zoned the Interbay IC - 65' M neighborhood now permitting a height of 65 feet allowing for taller, more dense buildings. As the downtown Seattle CBD core continues to expand that support future development. outwards, in response to the economic growth of the This is evidenced by the adjacent past decade, neighboring submarkets are absorbing Expedia campus as well as the much of the demand and influx of population. As a result, 56 other development projects INDUSTRIAL MAXIMUM MANDATORY land values are rising rapidly, rendering older buildings underway within a one-mile radius COMMERCIAL HEIGHT HOUSING obsolete and resulting in developers acquiring sites of the subject property. AFFORDABILITY
IC’65 (M) ZONING USES AND INFORMATION
Office P
Industrial P
Caretaker’s Quarters P 1110 ELLIOTT AVE W Restaurants P
Entertainment (Theater, Sports facilities) P
FAR within IC’65 (M) Zone 2.75
MAXIMUM SF ALLOWED Type SF
Office No Size Limit
Restaurant No Size Limit
Entertainment 75,000 ELLIOTT AVE W Medical Services 75,000
14 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM VEHICLE PARKING WITHIN IC-65' (M) ZONE BICYCLE PARKING WITHIN IC-65' (M) ZONE
Use Minimum Parking Required Use Long Term Long Term
Office 1 space for each 1,000 SF Office 1 per 2,000 SF 1 per 10,000 SF
Industrial 1 space for each 2,000 SF Industrial 1 per 4,000 SF 1 per 20,000 SF
Caretaker’s Quarters 1 space for each dwelling unit Restaurants 1 per 5,000 SF 1 per 1,000 SF
Restaurants 1 space for each 250 SF Entertainment Equivalent to 8% of (Theater, Sports Facilities) 1 per 10,000 SF maximum building Entertainment (Theater, Sports Facilities) 1 space for each 8 fixed seats, or 1 space for capacity each 100 SF of public assembly
Food Processing 1 space for each 2,000 SF
*PROPERTY IS WITHIN A FREQUENT TRANSIT AREA ALLOWING A 15% VEHICLE PARKING REDUCTION
1110 ELLIOTT AVE W
ELLIOTT AVE W
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 15 DOWNTOWN SEATTLE
QUEEN ANNE
EXPEDIA BRIDGE
1110 ELLIOTT AVE W
ELLIOTT AVE W
BNSF RAILROAD ELLIOTT BAY 03 LOCATION OVERVIEW
LOCATION HIGHLIGHTS
NEW HEADQUARTERS AERIALS
NEIGHBORHOOD AMENITIES
MAJOR EMPLOYERS
DEMOGRAPHICS
TRANSPORTATION
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 17 LOCATION OVERVIEW LOCATION HIGHLIGHTS
INTERBAY NEIGHBORHOOD RECENTLY up-zoned area boosting demand and development potential Interbay has traditionally been home to Seattle’s close-in industrial market BORDERED by several of Seattle’s premier and densely populated with several Class-A offices on the submarkets including Queen Anne, South Lake Union, and southern end, along the water of the Magnolia neighborhood, and warehouses and smaller retail shops along Elliott Ave SIGNIFICANT nearby tenant demand due to local positive job to the north. Since the bottoming growth out of the Great Recession, Interbay began experiencing significant HIGHLY desirable location with access less than 5 minutes to changes starting in 2012 with a Seattle’s CBD large amount of new apartment resulted in a robust development NEIGHBORING large employers including Expedia and F5 Networks, units delivered along 15th and pipeline within a 1-mile radius of among several others Dravus. Then in 2015, Expedia 1110 Elliott Site including 57 total announced its acquisition of the projects either recently completed, UNPARALLELED visibility and high traffic counts Former Amgen Campus in Interbay under construction, or planed and further fueled the demand in for future development totaling INCOMING light rail station reducing travel times for commuters the submarket. This demand has 6.6m SF.
18 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM DEVELOPMENT WITHIN 1-MILE RADIUS
Total Projects 57
Total SF by Status 6.6M TOTAL SF 1.6M SF |23 Projects Completed (in Last 3 Years) 2.4M SF | 10 Projects Currently Under Construction 2.5M SF | 24 Projects Planned
Upcoming Projects 1.3M SF 2019 259K SF 2020 905K SF 2021 156K SF 2022 1.5M SF TBD
New Residential 3,450 Units TOTAL Units by Status 1,490 Units Planned 617 Units Under Construction 1,340 Units Recently Completed
New Retail by Status 1.2M SF TOTAL 120K SF Planned 934K SF Under Construction 111K SF Recently Completed
New Office by Status 2.3M SF TOTAL 1.4M SF Planned 748K SF Under Construction 184K SF Recently Completed
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 19 QUEEN ANNE KERRY PARK
• HOME TO SEATTLE'S MOST PROMINENT VIEW POINT
• DONATED TO SEATTLE IN 1927
• VIEW OF THE CITY, SPACE NEEDLE, ELLIOTT BAY, AND MOUNT RAINER
INTERBAY KINNEAR PARK
• 14 ACRE PARK WITH LANDMARK STATUS
• SOLD TO THE CITY FOR $1 BY GEORGE KINNEAR
• OFF LEASH PARK, TENNIS COURTS, KIDS PLAY AREA
LOWER 1110 ELLIOTT AVE W QUEEN ANNE
ELLIOTT BAY
20 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM LAKE UNION
LAKE UNION PARK PARKS AERIAL - • 12 ACRE PARK ALONG SOUTH END OF LAKE UNION NEED TO CREATE • GREENSPACE FOR LOUNGING AND RESTORED SHORELINE • MUSEUM OF HISTORY AND SOUTH LAKE INDUSTRY AND CENTER FOR DENNY PARK WOODEN BOATS UNION • SEATTLE'S OLDEST PARK, LAND WAS DONATED IN 1861
• BASKETBALL COURTS AND CHILDREN'S PLAY AREA
• CENTRAL FOUNTAIN WITH GREENSPACE AND MATURE TREES
DOWNTOWN SEATTLE
ELLIOTT BAY WATERFRONT PARKS
• THREE CONTINUES PARKS FORMING A 25 ACRE GREENSPACE
• 3-MILE PEDESTRIAN AND BIKE TRAIL ALONG ELLIOTT BAY
• 20 OUTDOOR ART INSTALLATIONS FROM SEATTLE ART MUSEUM
• TWO PEDESTRIAN BRIDGES CONNECTING THE PARKS TO ELLIOTT AVE
• PUBLIC FISHING PIER, TACKLE SHOP, AND ROSE GARDEN BELLTOWN
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 21 13
11 04
NICKERSON ST 10 12 09
MAGNOLIA 08
LAKE UNION
11 07 06 W MCGRAW ST 12 THORNDYKE AVE N 28 INTERBAY 02 08 03 01 WESTLAKE AVEN 07
06
05 QUEEN ANNE
04 GALER ST QUEEN ANNE AVEN
05 04 ELLIOTT AVE W
01 1110 ELLIOTT AVE W DEXTER AVEN 28
02
03 01 02 18 W ROY ST 20 21 14 15 05 04 28 MERCER ST 19 08 16 27 ELLIOTT 23 17 03 BAY 22 Seattle 06 Center 25 28 26
09 08 22 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM 24 01 07 10 NEIGHBORHOOD AMENITIES
EAT + DRINK
1 Taco Time
2 Fuji Bakery
3 Baskin Robins Holy Mountain Brewing 4 Company
5 Ward Johnson Winery
6 Chocolopolis
7 Macrina Bakery & Cafe
8 Time 4 Pho
9 Red Mill Burgers 25 Buckley's in Queen Anne 10 Pagliacci Pizza 26 Uptown China 11 Boxcar Ale House 27 La Marzocco Cafe HEALTH + SERVICES 12 Yasuko's Terikayi 28 Starbucks 1 Soul Fitness Club 13 La Palma Family Mexican 2 Orangetheory Fitness 14 Taco Bell GROCERY + SHOPPING 3 Coreo Fitness 15 Ozzie's 1 Whole Foods 4 Anytime Fitness 16 Mecca Cafe 2 Petco 5 Northwest Fitness 17 Dick's Drive-In 3 Just Food for Dogs 6 CorePower Yoga 18 Toulouse Petit 4 QFC 7 Breathe Hot Yoga 19 Roti Cuisine of India 5 Metropolitan Market 8 Sanctuary 20 The Melting Pot 6 Total Wine & More 9 Concentra Urgent Care 21 Pressed Juicery 7 Trader Joe's 10 Vera Whole Health 22 Blue Water Taco Grill 8 Safeway 11 Queen Anne Natural Health 23 Uptown Espresso 9 Establishment Name Seattle Accupuncture & Holistic 12 24 Broadfork Cafe 10 Establishment Name Health
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 23 MAJOR EMPLOYERS NEARBY
1 Adobe 20 Pemco Insurance 06
2 Alaska Airlines 21 Plum Creek Timber Co. FREMONT 30 3 Amazon 22 RealNetworks 01 28 4 Bartell Drugs HQ 23 REI
5 Big Fish Games 24 Safeco Insurance LAKE UNION 6 Seattle Childrens Hospital 25 Saltchuck Resources
7 City of Seattle 26 Starbucks 1110 ELLIOTT AVE W 20 8 Cutter & Buck 27 Swedish Health Services 11 09 9 Expedia Inc. 28 Tableau Software QUEEN ANNE 12 15 13 10 F5 Networks 29 Uber 17 10 03 11 Facebook 30 University of Washington 08 19 23 12 Fred Hutch 31 Virginia Mason 07 34 18 13 Gates Foundation 32 Weyerhaeuser CBD 31 21 14 Getty Images 33 Zillow 33 24 27 CAPITOL HILL 2916 15 34 Google Zulily ELLIOTT 05 PIONEER BAY SQUARE 16 Group Health 25 32
14 17 Holland America
18 Nordstrom 22
19 PATH SODO
26
WEST SEATTLE 04 INDUSTRIAL DISTRICT 02 24 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM QUEEN ANNE
EXPEDIA LAKE UNION 1110 ELLIOTT AVE W
ELLIOTT AVE W GOOGLE FACEBOOK CLOUD
SEATTLE CENTER MONORAIL | KEY ARENA FAIRVIEW AVE N SPACE NEEDLE BILL & MELINDA GATES FOUNDATION
MERCER ST SOUTH LAKE UNION FRED F5 HUTCHINSON
AMAZON HEADQUARTERS
ELLIOTT DENNY WAY BAY N
SEATTLE CBD
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 25 DEMOGRAPHICS
NORTHGATE POPULATION 5 MILES 1 Mile 3 Miles 5 Miles MAGNOLIA 2019 Total Population 24,154 226,649 477,844 PHINNEY RIDGE 2024 Est. Population 26,041 242,143 509,803 Annual Population 1.6% 1.4% 1.3% BALLARD Growth 3 MILES Median Age (2019) 36.0 35.3 35.5 UNIVERSITY DISTRICT
HOUSEHOLD
MAGNOLIA 1 Mile 3 Miles 5 Miles
1 MILE 2019 Total Households 14,452 133,608 247,146 HH Growth 2019-2024 2.2% 3.3% 2.6% QUEEN Median Household ANNE $143,035 $120,184 $124,029 Income 1110 ELLIOT AVE W Average Household 1.6 1.6 1.8 Size ELLIOTT BAY
SEATTLE DRIVE TIMES FROM 1110 ELLIOTT AVE W
Location Distance Time
South Lake Union 2.0 Miles 5 Minutes
Downtown Seattle 2.8 Miles 5 Minutes SODO Ballard 3.1 Miles 9 Minutes WEST SEATTLE Green Lake 5.7 Miles 12 Minutes
University District 6.0 Miles 15 Minutes
Northgate 8.0 Miles 18 Minutes
Downtown Bellevue 10.3 Miles 20 Minutes
Seatac Airport 16.0 Miles 30 Minutes
26 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM N 45TH ST
FREMONT
FUTURE INTERBAY LIGHT RAIL STATION MAGNOLIA (2035)
W DRAVUS ST NW 8TH AVE
NW 65TH ST 28TH AVE NW 28TH AVE NW 15TH AVE 32ND AVE NW 32ND AVE WESTLAKE AVE N
INTERBAY
W MCGRAW ST LAKE UNION QUEEN ANNE AVE N QUEEN ANNE AVE
FUTURE SMITH COVE LIGHT RAIL STATION (2035) QUEEN ANNE
1110 ELLIOTT AVE W
MERCER ST
SOUTH LAKE CAPITOL UNION HILL
DENNY WAY
TRANSIT KEY
3RD AVE Bus Route D DOWNTOWN SEATTLE Bus Route #19 ELLIOTT BAY Bus Route #24
Bus Route #32
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 27 QUEEN ANNE
1110 ELLIOTT AVE W
ELLIOTT AVE W DOWNTOWN SEATTLE
04 MARKET OVERVIEW
PUGET SOUND REVIEW
TOP PUGET SOUND EMPLOYERS
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 29 MARKET
OVERVIEW tech industry generally takes the headlines, but an emerging life sciences sector, a growing talent to expand their Pacific Northwest pool, and an active commercial PUGET SOUND footprint, including Amazon, Google, real estate industry has made the Facebook, and Apple. Most recently, Puget Sound an increasingly strong REVIEW Amazon has committed to over 1 economic hub for the foreseeable The Puget Sound region has proven million SF in Bellevue, casting a future and a big reason why the its economic viability and resilience footprint large enough to rival region’s current unemployment rate through the several economic storms a second headquarter location, is at 2.9%. The overall office market its weathered from the boom and further demonstrating the Puget throughout Seattle has experienced bust cycles of Boeing, the Dot Sound Region’s economic appeal. significant growth from the strong Com crisis to the financial crisis in In addition to its technology industry, region wide economic fundamentals 2008. The strength and continued the skilled workforce in Seattle has as well. Rents have increased steadily growth the region experiences have proven a hotbed for its overall for the past six years as vacancy garnered a significant amount of business culture. Other Fortune continues to hover below 10% investment dollars from corporations, 500 companies call Seattle home region wide. Activity in this sector institutions, and individuals both like Boeing, Weyerhauser, Starbucks, shows little signs of slowing either, as locally and worldwide. At the heart and Nordstrom, which provide a technology companies continue to of the region is Seattle and its strong sense of diversity from the expand their footprint by taking up unprecedented economic growth technology industry. According to space in Seattle and the surrounding that has led the way for much of the website for the City of Seattle’s submarkets. Record per-square-foot the country, being recognized as Office of Economic Development, sales prices for commercial buildings the fastest growing big city in the Seattle remains an established continue to rise and positive country, the nation’s #1 city for jobs, leader with immunotherapy as well, absorption continues to increase. and the current crane count leader. with anchors like Juno Therapeutics Seattle’s recent growth that’s twice This growth is largely attributed to its and the Fred Hutchinson Cancer the national average, a diverse burgeoning tech industry and highly Research Center. In South Lake economy with an educated, young skilled labor pool. Several giants in Union, research and development workforce, coupled with major the tech world call Seattle home, in engineering and life sciences is sports teams and natural attractions, including Microsoft and Expedia, nearly 14 times more concentrated provides for an ideal environment to while numerous others continue than it is nationally. The booming live, work, and flourish.
30 KIDDER MATHEWS OFFERING MEMORANDUM SEATTLEINTERBAYSITE.COM TOP PUGET SOUND EMPLOYERS
80K EMPLOYEES 56K EMPLOYEES 42K EMPLOYEES 40K EMPLOYEES 25K EMPLOYEES
20K EMPLOYEES 15K EMPLOYEES 13K EMPLOYEES 10K EMPLOYEES 8K EMPLOYEES
SEATTLEINTERBAYSITE.COM OFFERING MEMORANDUM KIDDER MATHEWS 31 EXCLUSIVELY REPRESENTED BY
JASON ROSAUER 206.296.9608 [email protected]
ROB ANDERSON 206.296.9644 [email protected]
KRISTYN KRUEGER 206.398.2270 [email protected]
KIDDER.COM