9NORTH South Lake Union
SEATTLE, WA
Premier 18,000 SF SITE Corner Location Office | Hotel | Multifamily CAPITAL MARKETS 9NORTH
Executive Summary Property Summary CBRE, as exclusive advisor, is pleased to present the opportunity to acquire a fee simple interest in 9North (the 221-235 9th Ave N Address “Property”). The highly visible corner location positions the Seattle, WA 98109 Property within South lake Union, one of the top submarkets in the United States and hub for high paying jobs, retail, eateries, PARCEL # SITE AREA cultural venues, recreation and transportation. #1991201335 7,200 SF Site Information #1991201345 7,200 SF The development site spans a quarter block situated on three #1991201355 3,600 SF land parcels totaling 18,000 square feet. Located within the South Lake Union Urban Village overlay, the current zoning Total Area 18,000 SF allows for a variety of scale and uses, including office, life- sciences, retail, residential and hotel development. The Zoning SM SLU 160/85-240 Property includes three existing low-rise buildings that are leased to seven tenants, providing in-place income with lease provisions allowing for development of the property. Overlay District South Lake Union Urban Village The Property is located at the convergence of South Lake Union, Denny Triangle, and Downtown Seattle’s Central Business District submarkets. It is situated among South Lake 160 Feet - Office / Hotel Max Height per Land Use Code Union’s tech giants including campuses for Amazon, Facebook, 240 Feet - Residential and Google. An equally prominent concentration of life science occupiers includes the headquarters of the Bill & Melinda Gates Foundation, Allen Institute for Brain Science, Fred Hutchinson Max Height with nearby Planned Towers 95 feet with bonuses Cancer Research Center, Seattle Children’s Research Institute, and PATH. The expanding employment centers throughout South Lake Union and the Seattle CBD are all within an easy walk or short transit ride. FAR for Non-Residential Single Use 8.0
The strength and diversity of the Puget Sound economy, scarcity of quality development sites, and the Property’s proximity to significant infrastructure all support the unique FAR for Residential Use Exempt from FAR calculation nature of this opportunity.
01 221 - 235 9th Avenue North Google Allen Institute Existing Light Rail Amazon Facebook Future Light Rail Bill & Melinda Gates Foundation Fred Hutchinson Cancer Research
Lake Union CAPITOL HILL
SOUTH LAKE UNION
DENNY TRIANGLE 99
9NORTH
SEATTLE CBD
BELLTOWN
02 9NORTH
Investment Highlights
Prime Corner Development Opportunity • 18,000 square foot corner location located in the center of South Lake Union, Seattle’s technology hub • Mixed-use zoning (SM 85/160-240) allows commercial office, hotel, and residential uses • Current planned development of other towers within the block allows building height up to 95 feet with bonuses 9NORTH • Existing tenancy provides stable near-term income during entitlement and design phases
Superior South Lake Union Location • Central location located walking distance from Denny Triangle, Capitol Hill, Belltown, and Seattle’s CBD and Retail Core. • Immediate access to I-5 and SR-99, regional mass transit and proximity to expanding regional light rail system • Convenient walkability to Seattle’s most popular retail, dining, and entertainment venues
Strong Market Fundamentals • Surrounded by the 11.6 MSF global headquarters of Amazon.com and the expanding campuses of Google (1M SF), Facebook (950K SF), and UW Medicine Research (1 MSF) • Over 13 MSF of new office supply has been delivered in Downtown Seattle in the last decade with a 97% occupancy rate • Direct office vacancy rate of 2.9% in South Lake Union submarket and 7.4% in broader Downtown Seattle market • Diversified regional employment base of technology, internet commerce, cloud-computing, retailing, research, biotechnology, and aerospace
03 221 - 235 9th Avenue North Site Plan Arbor Blocks West Arbor Blocks East Apollo Building First Church N (Facebook) (Facebook) (Amazon Phase 8) of Christ
A
Proposed Development: The Waverly • 374 Residential Units • 28 Story Tower • Developer: Greystar
B Thomas Street
Proposed Development: 9th & John • 278 Residential Units Denny Park • 28 Story Tower Apartments • Developer: Pillar Properties 9NORTH 9th & Thomas (Amazon) Development Offering Apartments Mark on 8th Banya Spa
A
Orion Denny Park N 8th Avenue B N 9th Avenue Apartments Lutheran Church
John Street
DENNY PARK
04 9NORTH
Local Map I-5 Access 8 blocks
North: 2 blocks SR-99 South: 5 blocks
South Lake Union Street Car 2 blocks
Westlake Station Light Rail .7 miles
Future SLU Light Rail planned within 4 blocks of site
9NORTH
MAJOR EMPLOYERS Amazon Facebook UW Medical Campus Allen Institute Google Gates Foundation 05 221 - 235 9th Avenue North Fred Hutchinson Cancer Research Center Offering Process
The offering of • Please do not make any inquiries to, or engage in any communications with tenants. • Seller may elect to work with qualified buyers and outside parties upon request. the 9North is • Tours for prospective investors will be conducted by appointment with CBRE. being exclusively • The property is offered to the market without a price, and the property is offered on an “AS IS” basis. • Registered investors will be provided an ALTA survey, Preliminary Title Report, Topographical Survey, and Zoning Report. conducted by CBRE. • Additional information may be made available at a later date.
Contacts: OFFICE MARKET Thomas Pehl Lou Senini Dan Stutz Eric Hansen +1 206 442 2722 +1 206 292 6050 +1 206 292 6097 +1 206 604 7941 [email protected] [email protected] [email protected] [email protected]
HOTEL B+H ARCHITECTS Chris Burdett Matt Behrens Douglas Demers Alexander Thomson +1 206 292 6070 +1 206 292 6175 +1 206 582 2868 +1 206 922 3675 [email protected] [email protected] [email protected] [email protected]
06 9NORTH South Lake Union
SEATTLE, WA
THIS VALUATION ANALYSIS OR BROKER OPINION OF VALUE IS NOT AN APPRAISAL AND HAS NOT BEEN PERFORMED IN ACCORDANCE WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. NEITHER YOU, NOR ANY THIRD PARTIES, MAY RELY ON THIS ANALYSIS FOR ANY TAX PURPOSES, ESTATE WORK, LITIGATION, LENDING OR ANY OTHER MATTER OTHER THAN YOUR DIRECT USE IN CONNECTION WITH A CONTEMPLATED TRANSACTION. 1420 Fifth Avenue, Suite 1700 CBRE © 2019 All Rights Reserved. All information included in this letter/proposal pertaining to CBRE, Inc.—including but not limited to its operations, employees, technology and clients—is proprietary and confidential and Seattle, Washington 98101 supplied with the understanding that such information will be held in confidence and not disclosed to any third party without CBRE’s prior written consent. This letter/proposal is intended solely as a preliminary expression of general intentions, is for discussion purposes only, and does not create any agreement or obligation by CBRE to negotiate or continue negotiations. CBRE shall have no contractual obligation with respect to the matters +1 206 292 1600 referred to herein unless and until a definitive, fully-executed agreement has been delivered by the parties. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may T (1) propose different terms from those summarized herein, (2) enter into negotiations with other parties and/or (3) unilaterally terminate all negotiations with the other party hereto.