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6/14/22
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Clise Properties has acquired 100% interest in 1700 7th Avenue, a Class A+ office tower in downtown Seattle. Clise Properties, a family-owned and -operated Seattle real estate developer, originally developed the building and has maintained a majority ownership stake. The company recently bought out its minority partner, gaining full interest.
Built in 2001, 1700 7th Avenue is a 24-story, 550k sf, office tower with prominent street-level retail. Building amenities include a private tenant rooftop deck on the 10th floor, floor-to-ceiling windows, Starbucks and UPS Store on-site and underground parking with a dedicated executive-level exit. As the sole owner, Clise Properties plans to upgrade the building’s amenities with a new fitness center, conference center, food operator and an updated patio and outdoor event area on the 10th floor. Additional upgrades will include a new, expanded bike storage room with new locker rooms, showers, drying room and electric vehicle charging stations.
1700 7th offers tenants proximity to both Seattle’s downtown core as well as the abundance of new restaurants, bars and retail to the north that have sprung up as a result of the growth of Amazon and other tech companies in the area. Nearby hotels include Hyatt Grand Regency, The Westin, Elliott Grand Hyatt, The Sheraton, Hotel Max and The Paramount Hotel. The building is situated in a prime downtown location, just two blocks from the newly expanded Washington State Convention Center, across the street from the United States Federal Court House, one block south of Amazon’s World Headquarters, two blocks from Westlake Center Light Rail Station and the SLU Streetcar. Commuters also enjoy easy I-5 North & South access via Stewart Street and Olive Way.
The building presents the ability to accommodate tenants ranging in size from approximately 3k sf to 380k sf, with availability on the 3rd through 17th floors. With a full ownership stake in the debt-free building and exciting amenity upgrades, Clise Properties, in partnership with a Newmark leasing team of Tim O’Keefe, Jesse Ottele and Cavan O’Keefe, have planned a competitive leasing strategy.
The Puget Sound office market steadily improved at the start of the new year, according to Newmark Research, with solid fundamentals and indications that the overall outlook for 2022 is bright. Mask mandates in King County were rolled back in mid-March, an encouraging step that stimulated a return-to-office wave for some of the region’s largest employers. After several variant-related delays, companies like Microsoft, Meta and Twitter have begun to fill up the expanded footprints acquired over the past two years. While hybrid work models are certain to remain, the trend is unlikely to have any lasting negative impact, as employers are securing spaces capable of accommodating critical mass.
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