Case Study – 601 Dexter

Multifamily Land

OVERVIEW

601 DEXTER | 601 Dexter Ave N

  • 601 Dexter Ave N, Seattle, WA
  • 21,713 SF Value-Add Office
  • 23,632 SF / 0.54 AC
  • Seller Representation
  • Sale Price: $28,500,000

“The team not only achieved
pricing well above our expectations
but provided great advice on the
pros and cons for selling and JV
structures.”

- Owner
Mark Pietre

THE CHALLENGE

Ownership was the sole tenant of the building and wanted to consider both selling and entering a Joint Venture with a developer. The site had great visibility since it was on the corner of Mercer and Dexter, but there were some ingress and egress issues.

OUR APPROACH

We went to market emphasizing the location, the flexibility of ownership on structure (sale or JV) and that it was a potential covered land play since they would be a tenant for 3-5 years.

THE OUTCOME

Listed: October 22, 2018

Competing Offers: 5 Offers

Under Contract: January 12, 2019

Closed: June 18, 2019

For more information regarding this case study, please contact:

STUART WILLIAMS
Principal
Lee & Associates Pacific Northwest
D  206.219.1281
swilliams@lee-associates.com

ALEX MUIR
Senior Vice President
Lee & Associates Pacific Northwest
D  206.219.1283
amuir@lee-associates.com

SCOTTY ROWE
Associate
Lee & Associates Pacific Northwest
D  425.818.2655
srowe@lee-associates.com

MCCALLUM MEAD
Associate
Lee & Associates Pacific Northwest
D  425.818.2656
mmead@lee-associates.com