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Repositioning Opportunity 0.66 ACRES / 28,682 SQUARE FEET / DEVELOPMENT POTENTIAL / REDMOND, WA Contents

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Repositioning Opportunity 0.66 ACRES / 28,682 SQUARE FEET / DEVELOPMENT POTENTIAL / REDMOND, WA Contents Jones Lang LaSalle Americas, Inc. Repositioning Opportunity 0.66 ACRES / 28,682 SQUARE FEET / DEVELOPMENT POTENTIAL / REDMOND, WA Contents Executive Summary 01 Property Description 03 Market Overview 05 Investment Sales MARK THYGESEN MATT BOHNER Vice President Senior Associate [email protected] [email protected] +1 206 607 1737 +1 425 974 4042 Financing ZACK GOODWIN Director [email protected] +1 206 576 0069 OFFERING MEMORANDUM PAGE 2 15075 NE 24TH STREET REDMOND, WA NORTH OFFERING MEMORANDUM PAGE 3 EXECUTIVE SUMMARY The Offering JLL, as exclusive advisor, is pleased to present the opportunity to acquire 15075 NE 24th Street Address the 100% fee simple interest in 15075 NE 24th Street, Redmond, WA (the Redmond, WA 98007 “Property”). Consisting of a 1,000 square foot building on a 0.66 acre site, Total Rentable Square Feet 1,000 the Property is well located adjacent to NE 24th Street between 148th and 152nd Avenue. Originally constructed in 1981, the building is currently Site 0.66 acres (28,682 square feet) home to a Bank of America Drive Thru. Number of Buildings 1 The Property benefits from its prime location just 13 minutes from Year Built 1981 downtown Bellevue combined with excellent frontage in a dense retail Parcel 392720-0210 corridor with traffic counts exceeding 19,400 vehicles per day. This rare OV1 offering is an excellent site for redevelopment or repositioning in a strong Zoning growth market. FAR 3.7 increasing to 5.35 with bonus provisions OFFERING MEMORANDUM PAGE 1 EXECUTIVE SUMMARY Investment Highlights Highly Visible • Highly visible location with frontage near NE 24th Street, one of Redmond’s major thoroughfares, with traffic counts exceeding 19,400 vehicles per day. Favorable Zoning • Overlake Mixed-Use (OV 1) allows for a broad range of uses including retail, office, and residential. Location • Located in Redmond’s Overlake Square submarket which boasts a 3.0% vacancy rate and is only 13 minutes from downtown Bellevue. • Surrounded by boundless amenities. • Adjacent to large and expanding economic drivers including Microsoft, Amazon, Google, REI, and Facebook. • Best-in-class demographic profile. OFFERING MEMORANDUM PAGE 2 PROPERTY DESCRIPTION Property Highlights The Property provides access via NE 24th Street to downtown Bellevue. It is located just 13 minutes from downtown Bellevue and 20 minutes from downtown Seattle. The Property is further enhanced by the proximity to the Microsoft Headquarters and the Overlake Village retail center which houses thriving shops, entertainment and exceptional eateries. Current Use The Property is currently home to Bank of America Drive Thru that owns and operates the entire 1,000 square foot building. The prime location combined with excellent area demographics make the site prime for redevelopment or repositioning. Year Built 1981 Parcel Number 392720-0210 Site 0.66 acres / 28,682 square feet Number of Buildings 1 Property Class Retail Commercial Zoning OV Zone 1 Max Height 9 stories FAR 3.7 increasing to 5.35 with bonus provisions Max Height 45 feet, which is generally 4 stories FAR 2.5:1 increasing to 4:1 with bonus provisions OFFERING MEMORANDUM PAGE 3 PROPERTY DESCRIPTION Site Plan 152ND AVE NE 152ND AVE NE 24TH STREET 15075 NE 24TH STREET REDMOND, WA 148TH AVE NE 148TH AVE 152ND AVE NE 152ND AVE NORTH NORTH OFFERING MEMORANDUM PAGE 4 MARKET OVERVIEW Area Overview DOWNTOWN SEATTLE | 300,000 EMPLOYEES ADJACENT TO LARGE & EXPANDING ECONOMIC DRIVERS Amazon Google Facebook Since 1979, Microsoft has After breaking into Bellevue THE SPRING DISTRICT (UNDER CONSTRUCTION) • 550,000 SF OF OFFICE SPACE (UNDER served as an exceptionally in 2017, Amazon has rapidly CONSTRUCTION) strong economic driver to the Seattle region. The company has expanded their operations on • REI HEADQUARTERS • GLOBAL INNOVATION EXCHANGE (GIX) approximately 47,000 local employees with an average annual the Eastside. The e-commerce company currently leases more East Line DOWNTOWN BELLEVUE | 53,000 DAYTIME EMPLOYEES compensation of $100,608. In November 2017, the company than 1 million square feet in Bellevue, room for approximately Light Rail Expansion Amazon announced a multibillion-dollar redevelopment of its campus 6,900 employees, and plans to have 4,500 employees in Bellevue (Completion in 2023) T-Mobile in Redmond. Immediately adjacent to the Commons at Esterra by 2020. In April of 2019, Amazon continued its Bellevue expansion with the purchase of Bellevue Corporate Center. The Park, Microsoft is adding 17 new buildings with 2.5 million square BRIDLE TRAILS company has filed a pre-application to develop a 43-story, 1 feet of office expansion, 6.7 million square feet of renovated BEL-RED RETAIL CORRIDOR MEDIAN HOME VALUE: million square foot tower on the site. The 600-foot-tall building workspace, and spending $150 million on transportation and 90+ SHOPS $1,064,200 public space improvements. Upon completion in 2023, the developed by Amazon is expected to be completed by 2024. One Future SR 520 Off Ramp week later, the company pre-leased 646,900 SF in Trammell company will have capacity for 8,000 additional employees. Service in 2023 Crow’s office development in downtown Bellevue adjacent to OCULUS VR Amazon's currently committed office space. Altogether, Amazon (FACEBOOK) is on track to have a total of 3.9 million square feet, enough space Overlake Village Transit Station HEADQUARTERS for more than 25,000 employees in Bellevue, expanding faster on Completion in 2020, Service in 2023 700,000 SF AND GROWING the Eastside than in downtown Seattle, and what some might say is their "unofficial HQ2." Facebook (Oculus VR) began taking an interest in Redmond in 2016 when they leased 100,000 SF of office space on Willows Road. Since that time, Oculus VR has grown their footprint Google’s large and growing footprint in Kirkland will soon reach more than to nearly 700,000 SF in Redmond and has plans to develop 15075 NE 24TH STREET their new 675,000 SF “Building X”. Further, Facebook signed 1 million square feet. Google is purchasing Kirkland Urban, a REDMOND, WA a 13-year lease for 345,000 SF in the Spring District’s Block 615,000 SF office building just west of Redmond with the first 16 building, pre-leasing the entire building that is set to deliver phase of 380,000 SF set to deliver this year. The tech giant in 2020. Based on reported leasing activity, Facebook and already occupies 375,000 SF in Kirkland and is underway with a OVERLAKE VILLAGE Oculus’s committed office space on the Eastside has room for 136,000 SF expansion to the campus. In total, Google will have PARK AND RIDE 320 PARKING STALLS approximately 5,000 employees once occupied. room for 4,000 to 5,000 employees in the near future. MICROSOFT HEADQUARTERS • 2.5 MILLION SF EXPANSION The 36-acre, 16-block mixed-used development built around a future light rail station will be home to a new • 14.3 MILLION SF ONCE COMPLETE headquarters for outdoor retailer REI. It is also the site of the Global Innovation Exchange (GIX), the technology • 85+ BUILDINGS innovation graduate program created by the University of Washington, Tsinghua University, and Microsoft. GIX • 30+ YEARS IN REDMOND opened the doors to their 100,000 SF building in 2017. Construction is ongoing on Block 16, a 345,000 SF office development 100% pre- • 47,000 EMPLOYEES IN REDMOND leased by Facebook, Block 24, and REI’s new headquarters. At full build out, the district will accommodate over 17,000 daily employees. • #1 ECONOMIC DRIVER 8 NORTH 9 OFFERING MEMORANDUM PAGE 5 MARKET OVERVIEW Area Overview Adjacent to large and expanding economic drivers Microsoft Oculus VR (Facebook) office space. Altogether, Amazon is on track to have a Oculus VR (Facebook) began taking an interest in total of 3.9 million square feet, enough space for more Since 1979, Microsoft has served as an exceptionally than 25,000 employees in Bellevue, expanding faster strong economic driver to the Seattle region. The Redmond in 2016 when they leased 100,000 SF of office space on Willows Road. Since that time, Oculus on the Eastside than in downtown Seattle, and what company has approximately 47,000 local employees some might say is their “unofficial HQ2.” with an average annual compensation of $100,608. VR has grown their footprint to nearly 700,000 SF in In November 2017, the company announced a Redmond and has plans to develop their new 675,000 multibillion-dollar redevelopment of its campus in SF “Building X”. Further, Facebook signed a 13-year Google Redmond. In close proximity to 15075 NE 24th Street, lease for 345,000 SF in the Spring District’s Block 16 Google’s large and growing footprint in Kirkland will Microsoft is adding 17 new buildings with 2.5 million building, pre-leasing the entire building that is set to soon reach more than 1 million square feet. Google is square feet of office expansion, 6.7 million square feet deliver in 2020. Based on reported leasing activity, purchasing Kirkland Urban, a 615,000 SF office building of renovated workspace, and spending $150 million on Facebook and Oculus’s committed office space on the just west of Redmond with the first phase of 380,000 SF transportation and public space improvements. Upon Eastside has room for approximately 5,000 employees set to deliver this year. The tech giant already occupies completion in 2023, the company will have capacity once occupied. 375,000 SF in Kirkland and is underway with a 136,000 for 8,000 additional employees. SF expansion to the campus. In total, Google will have Amazon room for 4,000 to 5,000 employees in the near future.
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