Case Study – 760 Aloha
Mission Accomplished: 760 Aloha | Value-Add Investment
OVERVIEW
- 760 Aloha St, Seattle, WA
- New Vacant Office Building
- 41,191 SF / 9,220 Land SF / 0.21 AC
- Seller Representation
- Sale Price: $7,750,000
Outcome
Listed: February 11. 2025
Competing Offers: 11
Under Contract: October 24, 2025
Closed: November 7, 2025
The Challenge
760 Aloha entered the market as a fully vacant, newly delivered Class A office building in shell condition. A large number of vacant office assets in Seattle were trading below $100/SF. Despite its award-winning adaptive reuse design and prime South Lake Union location, buyers were cautious about lease-up risk and additional capital needed to complete the buildout. Establishing value in a depressed office market required a clear and compelling narrative.
Our Approach
Our strategy was to cast the widest net possible. We targeted every realistic buyer profile, owner-users looking for a marquee headquarters, well-capitalized local and regional investors who understood the value in new construction, and a handful of potential conversion groups. Each group required a different message, so we built tailored outreach for all three paths and pushed the campaign hard from day one.
We launched in February 2025. We had 16 tours and more than 80 signed CAs, which led to 9 offers including 4 groups above $8M (over $200/ SF). We ultimately went under contract with one group, but they walked during due diligence. The remaining groups also didn’t perform.
We re-launched the campaign over the summer. That second push brought in another 7 tours and 2 new offers. The winning group is an owner-user who will occupy part of the building, while leasing out the remaining floors.
For more information regarding this case study, please contact:
STUART WILLIAMS
Principal
D (206) 219.1281
swilliams@lee-associates.com
ALEX MUIR
Senior Vice President
D (206) 219.1283
amuir@lee-associates.com
SCOTTY ROWE
Associate
D (425) 818.2655
srowe@lee-associates.com
MCCALLUM MEAD
Associate
D (425) 818.2656
mmead@lee-associates.com