Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key facts

Year Built 1963
Building Area

Property description

Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to present the unique opportunity to acquire the 100% fee-simple interest in 700 Broadway (the “Property”), a 0.74 acre development site with the ability to deliver 264,000 square-feet of life science or medical office space. Currently home to Northwest Kidney Centers, the existing 39,115 square-foot medical office building and adjoining parking garage are immediately adjacent and connected via underground tunnel system to Swedish Medical Center First Hill, in addition to falling within the Seattle University Major Institution Master Plan (MIMP).


Northwest Kidney Centers intends to execute a 24-month lease-back upon closing, providing strong in-place cash flow through the entitlement process.

Investment highlights

  • Within walking distance of the region’s most prominent hospitals, including Swedish Medical Center, Virginia Mason Hospital, UW Medicine Harborview Medical Center, and the Polyclinic 
  • Located in the First Hill ("Pill Hill") medical office market with over 6 million square feet of outpatient medical office, boasting an average 97% occupancy rate
  • Northwest Kidney Centers’ 24-month lease will provide strong cash flow during the entitlement process
  • One of the only development sites connected to the Swedish Medical Center’s main campus tunnel system; providing seamless integration with the First Hill medical ecosystem 
  • Ability to deliver 264,000 square-feet of life science or medical office space under the Seattle University MIMP
  • Recent $7.6 million renovation (2012) and $693K garage resurfacing (2017) limit capital requirements during leaseback period
Last Updated Date: 21 Jun 2021
Logan Greer
Logan Greer
Senior Director, Capital Markets
Broker Licenses
OR-201215171 WA-135647
Evan Kovac
Evan Kovac
Managing Director, Capital Markets
Broker Licenses
CA-01750736

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Last Updated Date: 21 Jun 2021

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