{"id":6977,"date":"2025-03-07T14:30:56","date_gmt":"2025-03-07T22:30:56","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6977"},"modified":"2026-08-04T09:49:57","modified_gmt":"2026-08-04T16:49:57","slug":"case-study-35-stone-office-development","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/03\/07\/case-study-35-stone-office-development\/","title":{"rendered":"Seattle Office Development Land Sale Case Study: 35 Stone"},"content":{"rendered":"<div id=\"pl-6977\"  class=\"panel-layout\" ><div id=\"pg-6977-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6977-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6977-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6977-0-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-4776a67521a3-6977\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h1 class=\"sow-sub-headline\">\n\t\t\t\t\t\tOffice Land\t\t\t\t\t\t<\/h1>\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 id=\"panel-6977-0-0-1\" class=\"so-panel widget widget_sow-image panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-113ccd71f3e6-6977\"\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\/0019-768x554.jpg\" width=\"768\" height=\"554\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/0019-768x554.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/0019-300x216.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/0019-1024x739.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/0019-1536x1108.jpg 1536w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/0019-2048x1478.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"35 Stone\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-6977-1\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6977-1\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6977-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div><\/div><div id=\"pg-6977-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6977-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6977-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6977-2-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6977-2-1-0\" ><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\">35 STONE | 3524 Stone Way<\/span><\/strong><\/h4>\n<ul style=\"list-style-type: square\">\n<li>3524 Stone Way North, Seattle, WA<\/li>\n<li class=\"p1\">Land \/ Office Development<\/li>\n<li>34,163 SF \/ 0.78 AC<\/li>\n<li>Seller Representation<\/li>\n<li>Sale Price: $17,500,000<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6977-2-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6977-2-1-1\" ><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: #00314690\"><em>\u201cWhile we have sold many assets, we<br \/>\nhave never had a team drive pricing<br \/>\nas much as the Lee Team did on this<br \/>\nprocess<\/em><\/span><span style=\"color: #00314690\"><em>.\u201d<\/em><\/span><\/p>\n<p><span style=\"color: #303c42\">- Jim Rivard<br \/>\nManaging Partner, SRM<\/span><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6977-2-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6977-2-2-0\" 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>Ownership was contemplating selling or completing a Joint Venture for their permitted Living Green Office Building. They had received offers in the $10M range and were skeptical we could achieve pricing above that level, particularly with construction costs rapidly escalating and questions about the office market coming out of the pandemic.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6977-2-2-1\" class=\"so-panel widget widget_sow-editor\" 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>Given the complexity and costs of a Living Green Building, and the issues associated with a developer inheriting a permitted project, our approach was to present a clear and concise development budget and construction schedule as well as the flexibility with JV structure parameters. While we reached out to a wide array of local, national and international developers, we focused on 8-10 groups who had experience either in the Ballard\/Fremont\/UDistrict office market or with Living Green Buildings.<\/p>\n<p>Our whisper pricing was $11M and we received 6 offers. During the process, we were able to increase pricing by over 50% to $17.5M, which included having the buyer pay for all expenses that the developer had occurred to-date to obtain a permit.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6977-2-2-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"6\" ><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> June 28, 2021<\/p>\n<p><strong>Competing Offers:<\/strong> 6 (5 Purchase Offers and 1 Joint Venture Offer)<\/p>\n<p><strong>Under Contract:<\/strong> September 22, 2021<\/p>\n<p><strong>Closed:<\/strong> December 10, 2021<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6977-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6977-3\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6977-3-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6977-3-0-0\" 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-6977-3-0-0\" ><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><em>For more information regarding this case study, please contact:<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-6977-4\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6977-4-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6977-4-0-0\" 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-6977-4-0-0\" ><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-6977-4-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6977-4-1-0\" 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-6977-4-1-0\" ><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-6977-4-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6977-4-2-0\" 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-6977-4-2-0\" ><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-6977-4-3\"  class=\"panel-grid-cell\" ><div id=\"panel-6977-4-3-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"11\" ><div class=\"panel-widget-style panel-widget-style-for-6977-4-3-0\" ><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-6977-5\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6977-5\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6977-5-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6977-5-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"12\" ><div class=\"panel-widget-style panel-widget-style-for-6977-5-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-6977 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-6977-5-0-1\" class=\"so-panel widget widget_sow-post-carousel panel-last-child\" data-index=\"13\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-post-carousel so-widget-sow-post-carousel-base-ad93eedad001-6977\"\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\" 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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=\"9453abe4\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Office Land OVERVIEW 35 STONE | 3524 Stone Way 3524 Stone Way North, Seattle, WA Land \/ Office Development 34,163 SF \/ 0.78 AC Seller Representation Sale Price: $17,500,000 \u201cWhile we have sold many assets, we have never had a team drive pricing as much as the Lee Team did on this process.\u201d &#8211; Jim Rivard Managing Partner, SRM THE CHALLENGE Ownership was contemplating selling or completing a Joint Venture for their permitted Living Green&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1088,843,1087,1085,1183],"tags":[1101,1165,1121,1090,1148,1145,1100],"class_list":["post-6977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","category-case-study","category-investment","category-office","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 v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Seattle Office Development Land Sale Case Study: 35 Stone<\/title>\n<meta name=\"description\" content=\"Learn how Lee &amp; Associates Pacific Northwest maximized value in the sale of 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