The Challenge

We represented the Seller of the Ballard Avenue Portfolio, which consisted of four buildings on three parcels, with a total of 60,784 SF of offices, premium small private offices, ground-level retail and restaurants. With office being arguably the least attractive product type, it was a challenge getting buy-in from investors and lenders in a portfolio with more than 80 small office tenants, the vast majority of whom were on month-to-month leases. The largest office tenant (~7% of total square footage) had just over a year of term remaining, the second largest retail tenant, which was likely to vacate, had less than 6 months of term, and one of the restaurant tenants closed during PSA negotiations. Additionally, unforeseen environmental challenges arose during due diligence.