Pier 70 | 2801 Alaskan Way
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Pier 70 2801 Alaskan Way
107,389 SF 100% Leased Office Building Seattle, WA 98121 For Sale
Investment Highlights
- The immediate trade area contains severe barriers to entry as Seattle's Waterfront District is nearly impossible to penetrate
- The site has a dedicated parking garage containing 116 parking stalls with direct access off Alaskan Way
- The offering provides upside through leasing approximately 70,000 SF of vacancy creating strong leasing upside for the new investor
- The asset benefits from a unique mix of retail and office tenants that have been highly successful at this location
- The contracted rental increases and significant leasing upside provide out-sized value-add returns
Executive Summary
Pier 70 is an iconic asset located in the Seattle Waterfront District within downtown Seattle’s high-growth, dynamic and densely populated trade area. Pier 70 is strategically positioned in a “forever” location, just steps from Sculpture Park and the new Waterfront Project, blocks from Climate Pledge Arena, and adjacent to the Seattle CBD. The asset is 36% leased providing significant leasing upside or an opportunity to occupy a large footprint. The Offering benefits from an irreplaceable location highlighted by huge barriers to entry, a rare value-add component, long-term rental growth, and pure real estate appreciation.
Property Facts Under Contract
Sale Type
Investment
Property Type
Office
Building Size
107,389 SF
Building Class
A
Year Built/Renovated
1902/2000
NOI
$671,828 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
35,796 SF
Building FAR
0.97
Lot Size
2.53 AC
Zoning
DH-1
Parking
286 Spaces (2.66 Spaces per 1,000 SF Leased)
Amenities
- Food Court
- Property Manager on Site
- Signage
- Waterfront
Walk Score ®
Walker's Paradise (90)
Bike Score ®
Very Bikeable (81)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $44,991,177 CAD | |
| Land Assessment | $13,940,066 CAD | Total Assessment | $58,931,243 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$13,940,066 CAD
Improvements Assessment
$44,991,177 CAD
Total Assessment
$58,931,243 CAD
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Pier 70 | 2801 Alaskan Way
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