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…
Historic 1102 Broadway Achieves Full Occupancy as Tacoma Office Market Strengthens
TACOMA, WA (November 1, 2024) — Lee & Associates announced today that 1102 Broadway has reached 100% occupancy following seven new lease signings in the past six months, highlighting strong demand for premium office space in downtown Tacoma’s thriving market. The latest wave of leasing activity includes the highly anticipated relocation of the popular dining and happy hour spot, Wooden City, which will occupy prime street-level space. Additional new tenants include Fox Ballard PLLC, environmental…
Q2 2024 Office Market Report
The Seattle office market faces its worst downturn in over 40 years, in part due to remote work and tech company exposure. While leasing velocity improved slightly in early 2024, absorption remains negative, and the regional vacancy rate is projected to rise as companies continue to adjust post-Covid. High availability, slower leasing, softening rents, and significant concessions favor tenants. Despite some positive absorption in Bellevue, regional office utilization remains low. Office valuations and sales volume…
Lee & Associates Brokers Largest Pierce County Office Lease of 2024
July 11, 2024 (Tacoma, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered the lease of 1305 Tacoma Avenue, located in Tacoma, WA on behalf of their clients, 1305 Tacoma Building LLC and Dungarvin Washington Supported Living, LLC. Dungarvin signed a lease for 18,296 SF at 1305 Tacoma Avenue starting October 1, 2024. It will be relocating from 20,150 SF at its current location, 8815 South Tacoma Way in Lakewood, WA….
Q1 2024 Office Market Report
Seattle’s office market is showing signs of life. It has yet to materially impact vacancy, but leasing activity is picking up. Pokémon signed a lease for 16 floors in The Eight, an under-construction tower in the Bellevue CBD. This is the largest lease in the market in three years, and the largest in Skanska’s history. There were three office sales this quarter that exceeded $30 million, all of which were larger than any in 2023….
Another Major Tenant In Downtown Tacoma: New Key Office Sublease At 1498 Pacific Avenue
November 14, 2023 – Tacoma, WA – Lee & Associates is pleased to announce the successful facilitation of a 19,908 square foot office space sublease at 1498 Pacific Avenue, Tacoma. Harrison Laird and John Bauder, representing Sound Physicians, have effectively brokered this sublease to Milgard Manufacturing. The lease is scheduled to begin on February 1, 2024. 1498 Pacific, a Class A office building located in the heart of downtown Tacoma, was recently acquired by private…
2023 SIOR Broker of the Year Award Finalists Announced
We’re thrilled to announce that our team has swept the nominations for the 2023 SIOR Broker of the Year awards, making us the only company with finalists in all three categories! Congratulations to: Jim Reed – Finalist in the Investment Category Harrison Laird, and John Bauder – Finalist in the Office Category Richard Peterson, Billy Moultrie, Christian Mattson, and Chris Peterson – Finalists in the Industrial Category Their exceptional dedication and expertise in the world…
Major Office Lease Signed in Fife: Landmark 27,400 SF Deal Facilitated by Lee & Associates
October 24, 2023 (Tacoma, WA) – Harrison Laird and John Bauder, Principals at Lee & Associates Commercial Real Estate Services are pleased to have facilitated a 27,400 SF office lease with Epic Government, on behalf of their client, D&S Family LLC. The lease is the largest general office lease in Pierce County signed since January of 2021, when Bauder and Laird facilitated a renewal and expansion of Infoblox at Horizon Pacific Center in downtown Tacoma….
Tacoma Comedy Club Opens 2nd Location, Plans Relocation for Downtown Location
June 1, 2023 (Tacoma, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered two leases for the Tacoma Comedy Club. The Club will move and expand into new space at 936 Pacific Avenue in downtown Tacoma, plus will open a new, second location along Tacoma’s 6th Avenue. The locally owned entertainment provider opened their current Market Street location in 2010. In their new space at 936 Pacific Avenue, the venue…
2023 Puget Sound Business Journal 40 Under 40 Honoree: Harrison Laird
TACOMA, WA— Harrison’s dual focus on sales and leasing gives him a unique ability to understand the implications of a transaction for all parties involved. In turn he is able to track the market, predict trends and develop effective negotiating strategies and value-add opportunities on behalf of his clients and their real estate portfolios. Working collaboratively with other service lines and professionals within Lee & Associates, Harrison advises his clients on how to formulate sound…