The building is about 21,600 square feet, 16,500 of which is office and flex space and 5,130 is warehouse space, according to a building brochure. Listed as available starting in October, the office has a 24-foot clear height and grade-level parking. The lease will grow Amazon’s footprint in Redmond, a burgeoning space district that’s also home to operations by SpaceX and Microsoft’s Azure Orbital. “(The building) is everything, like any engineer’s dream. They have a space that’s so versatile,” Lisa…
21-Unit Mixed-Use Apartment Asset in Seattle’s Green Lake Hits the Market for $11.99MM
A boutique mixed-use multifamily asset at 1400 N 80th St. in Seattle’s Green Lake neighborhood has hit the market with an asking price of $11.99 million, or approximately $500,000 per unit. The 21-unit property, named Greenlake Pointe, totals 20,672 square feet and includes three fully leased ground-floor retail suites and 31 dedicated parking stalls. The listing is being marketed by Lee & Associates on behalf of the original developer-owner. According to King County public records,…
Vibe Redmond Office Complex Sells for $45M
Vibe Redmond is located at 5000, 5010 and 5020 148th Ave. NE in Redmond, next to Nintendo of America and near Microsoft. The office complex, known as Redmond Woods, was developed in 1982 and sits on 7.7 acres, totaling 146,165 square feet. Medina Academy will use Building A for a middle school and high school. MAPS will convert Building C into a mosque and spiritual center once the property is vacated. MAPS also plans to make Building…
Infamous downtown Tacoma property hit with ‘notice of abandonment’ designation
It’s a prime piece of property in the heart of downtown Tacoma, near McMenamins Elks Temple and Old City Hall. Plans for demolition of what’s known as Graffiti Garages, 725 Broadway, and redevelopment into new apartments date back to 2014. Its 3-year development qualification for an 8-year multifamily property tax exemption (MFTE) expires in December. “Savvy investors cautiously love distressed properties,” said Harrison Laird, a principal with Lee & Associates commercial real estate services. Laird…
Q1 2025 Office Market Report
Seattle’s office market showed signs of cautious momentum in Q1 2025, with increased leasing led by WeWork’s 133,059 SF renewal in Bellevue and a wave of mid-sized deals across South Lake Union and the Eastside. Downtown Seattle vacancy approached 28%, but demand for high-quality space remains steady. Submarkets like Kirkland and Lake Union continue to outperform the broader region. Investment activity remains slow, with limited trades and ongoing pricing uncertainty. However, return-to-office momentum is growing…
Q1 2025 Multifamily Market Report
Absorption rose slightly over last quarter with 12,282 units absorbed. Vacancy ticked up one basis point to 7.3%, through this metric is expected to fall with new supply falling 4.5% to just 14,761 under construction, the lowest supply in over 10 years. Rents are starting to increase slightly. Sales volume started rebounding towards the end of last year in lockstep with interest rates beginning to trend downwards. Sales volume and price appreciation is expected to…
Q1 2025 Industrial Market Report
The Pacifi c Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the fi rst quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no signifi cant change at $14.30 per square foot. Deliveries in the market were limited, and several projects continue to delay start with…
Q1 2025 Retail Market Report
With the election over, the Retail sector had vacancy rise slightly. As new tariffs take effect, it will be interesting to see how the retail sector deals with changes in taxes. Sale activity stayed strong with multiple grocery anchored shopping centers changing ownership. Net absorption stayed flat with companies strategizing for the changing market. MARKET INDICATORS Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 ↑ 12 Mo. Net Absorption (SF) (152,385) (829,551) (429,189)…
72,000 SQFT Industrial Development Opportunity in Seattle Hits the Market
READ PRODUCTS INTERBAY, a two-building industrial property totaling 72,606 square feet of warehouse and office space, has been brought to market in Seattle’s Interbay district. The offering comprises 3615 15th Ave W and 3635 Thorndyke Ave W, which collectively span 3.06 acres. The property is being offered by Lee & Associates on behalf of the long-time owner. The broker has announced that Read Products Interbay presents an opportunity for owner-users, value-add investors, or developers to…
Q1 2025 Expanded Puget Sound Industrial Market Report
The Pacific Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the first quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no significant change at $14.30 per square foot. Deliveries in the market were limited, and several projects continue to delay start with uncertainty in economic…