{"id":6904,"date":"2025-02-14T15:03:25","date_gmt":"2025-02-14T23:03:25","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6904"},"modified":"2026-08-04T09:52:05","modified_gmt":"2026-08-04T16:52:05","slug":"case-study-over-10m-office-4th-and-union","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/02\/14\/case-study-over-10m-office-4th-and-union\/","title":{"rendered":"$10.6M Seattle Value-Add Office Sale Case Study: 4th &amp; Union"},"content":{"rendered":"<div id=\"pl-6904\"  class=\"panel-layout\" ><div id=\"pg-6904-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6904-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6904-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6904-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-113ccd71f3e6-6904\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/Fourth_Union-768x711.jpg\" width=\"768\" height=\"711\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/Fourth_Union-768x711.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/Fourth_Union-300x278.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/Fourth_Union-1024x948.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/Fourth_Union.jpg 1200w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"4th &amp; Union (Men&#039;s Warehouse)\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-6904-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6904-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6904-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6904-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6904-1-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">OVERVIEW<\/span><\/strong><\/h2>\n<h4><strong><span style=\"color: #009ad9\">4th &amp; Union | 1404 4th Avenue<\/span><\/strong><\/h4>\n<ul style=\"list-style-type: square\">\n<li>1404 4th Ave, Seattle, WA<\/li>\n<li class=\"p1\">21,713 SF Value-Add Office<\/li>\n<li>6,105 SF \/ 0.14 AC<\/li>\n<li>Seller Representation<\/li>\n<li>Sale Price: $10,600,000<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6904-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">THE OUTCOME<\/span><\/strong><\/h2>\n<p><strong>Listed:<\/strong> November 22, 2019<\/p>\n<p><strong>Competing Offers:<\/strong> 4 Offers<\/p>\n<p><strong>Under Contract:<\/strong> January 4, 2022<\/p>\n<p><strong>Closed:<\/strong> July 15, 2022<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6904-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6904-1-1-2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span><i>(place image here)<\/i><\/span><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6904-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6904-1-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">THE CHALLENGE<\/span><\/strong><\/h2>\n<p>Fourth &amp; Union is a 21,713-square-foot historically landmarked building that features three floors of office space atop ground-level retail. The building had not been renovated in several decades, the retail tenant was going through bankruptcy during the marketing process, and the office tenant had a lease that was 65% below market with a renewal option. Additionally, the call for offers date was scheduled for the week that shelter-in-place orders were implemented due to Covid.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6904-1-2-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"5\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">OUR APPROACH<\/span><\/strong><\/h2>\n<p>This was a rare opportunity to reposition a historic boutique asset in a \u2018main and main\u2019 location, while having some in-place cash flow. We targeted local private capital investors and West Coast institutional value-add groups. 96 prospective buyer signed confidentiality agreements to review the due diligence materials and we led 26 property tours. Despite receiving offers, we paused the process in the middle of buyer interviews once it became clear the pandemic was going to severely affect the lending landscape and ability to get third-party property reports. We stayed in close contact with the Seller and provided updates on valuation, selling vs. renovating\/retenanting and holding, offering seller financing, etc. Ultimately we were able to get one of the buyers that made an offer in early-2020 to resubmit at terms that worked in early-2022, and close the sale before interest rates significantly elevated.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6904-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6904-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6904-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6904-2-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"6\" ><div class=\"panel-widget-style panel-widget-style-for-6904-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><em>For more information regarding this case study, please contact:<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-6904-3\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6904-3-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6904-3-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-6904-3-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>STUART WILLIAMS<\/strong><\/span><br \/>\nPrincipal<strong><br \/>\n<\/strong><em>Lee &amp; Associates <\/em><em>Pacific Northwest<br \/>\n<\/em>D\u00a0 206.219.1281<br \/>\nswilliams@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6904-3-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6904-3-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"8\" ><div class=\"panel-widget-style panel-widget-style-for-6904-3-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>ALEX MUIR<\/strong><\/span><br \/>\nSenior Vice President<strong><br \/>\n<\/strong><em>Lee &amp; Associates <\/em><em>Pacific Northwest<br \/>\n<\/em>D\u00a0 206.219.1283<br \/>\namuir@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6904-3-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6904-3-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"9\" ><div class=\"panel-widget-style panel-widget-style-for-6904-3-2-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><b>SCOTTY ROWE<\/b><\/span><br \/>\nAssociate<br \/>\n<em>Lee &amp; Associates <\/em><em>Pacific Northwest<br \/>\n<\/em>D\u00a0 425.818.2655<br \/>\nsrowe@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6904-3-3\"  class=\"panel-grid-cell\" ><div id=\"panel-6904-3-3-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"10\" ><div class=\"panel-widget-style panel-widget-style-for-6904-3-3-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><b>MCCALLUM MEAD<\/b><\/span><br \/>\nAssociate<br \/>\n<em>Lee &amp; Associates <\/em><em>Pacific Northwest<br \/>\n<\/em>D\u00a0 425.818.2656<br \/>\nmmead@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-6904-4\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6904-4\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6904-4-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6904-4-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"11\" ><div class=\"panel-widget-style panel-widget-style-for-6904-4-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-6904 so-widget-fittext-wrapper\"\n\t\t\t data-fit-text-compressor=\"0\"\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-headline\">\n\t\t\t\t\t\t<b>NEW<\/b> FROM THE MEDIA CENTER...\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"decoration\">\n\t\t\t\t\t\t<div class=\"decoration-inside\"><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-6904-4-0-1\" class=\"so-panel widget widget_sow-post-carousel panel-last-child\" data-index=\"12\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-post-carousel so-widget-sow-post-carousel-base-ad93eedad001-6904\"\n\t\t\t\n\t\t>\t<div\n\t\tclass=\"sow-post-carousel-wrapper sow-post-carousel-theme-base\"\n\t\tstyle=\"overflow: hidden; max-width: 100%; min-height: 182px\"\n\t>\n\t\t<div class=\"sow-carousel-title\">\n\t\t\t<div class=\"sow-carousel-navigation \">\n\t\t\t\t\t\t<a href=\"#\" class=\"sow-carousel-next\" title=\"Next\" aria-label=\"Next Posts\" role=\"button\"><\/a>\n\t\t\t\t\t\t<a href=\"#\" class=\"sow-carousel-previous\" title=\"Previous\" aria-label=\"Previous Posts\" role=\"button\"><\/a>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\n<div class=\"sow-carousel-container \">\n\t\t<div class=\"sow-carousel-wrapper\"\n\t\tdata-dir=\"ltr\"\n\t\tstyle=\"opacity: 0;\"\n\t\tdata-widget=\"post\" data-fetching=\"false\" data-page=\"1\" data-ajax-url=\"https:\/\/www.lee-associates.com\/northwest\/wp-admin\/admin-ajax.php?_widgets_nonce=04273ffa06\" data-item_count=\"244\" 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class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-industrial-market-report\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Industrial-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9315\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-industrial-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9315\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Industrial Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t<div class=\"sow-carousel-item\" tabindex=\"-1\" style=\"float: left;\">\n\t\t<div class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Multifamily-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9305\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9305\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Multifamily Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t<\/div>\n\t\t<input type=\"hidden\" name=\"instance_hash\" value=\"0d4b452c\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>OVERVIEW 4th &amp; Union | 1404 4th Avenue 1404 4th Ave, Seattle, WA 21,713 SF Value-Add Office 6,105 SF \/ 0.14 AC Seller Representation Sale Price: $10,600,000 THE OUTCOME Listed: November 22, 2019 Competing Offers: 4 Offers Under Contract: January 4, 2022 Closed: July 15, 2022 (place image here) THE CHALLENGE Fourth &amp; Union is a 21,713-square-foot historically landmarked building that features three floors of office space atop ground-level retail. The building had not been&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1088,843,1087,1183],"tags":[1101,1165,1121,1090,1148,1145,1100],"class_list":["post-6904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","category-case-study","category-investment","category-seattle","tag-alex-muir","tag-capital-market-case-study","tag-capital-markets","tag-case-study","tag-mccallum-mead","tag-scotty-rowe","tag-stuart-williams"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>$10.6M Seattle Value-Add Office Sale Case Study: 4th &amp; Union<\/title>\n<meta name=\"description\" content=\"See how Lee &amp; Associates Pacific Northwest completed a landmark Seattle office investment transaction exceeding $10 million at 4th &amp; 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