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August 16, 2022
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The Swig Company Purchases Seattle Office Property

6/28/22

The Swig Company purchased 1700 Westlake, a 90.6k sf, Class A office building in Seattle. Known as "The Lake Union Building," the property is located at 1700 Westlake Ave N, near the epicenter of Seattle's South Lake Union area.

Built in 1970 and renovated in 1980, 1700 Westlake Ave N is seven stories in height and features 13k sf floorplates along with a waterfront location. The property includes 199 surface parking spaces and 102 covered parking spaces.

The Lake Union Building is ideally positioned to benefit from the increasingly high demand for office space in the Puget Soundís most highly sought-after submarket. There has been more than 5.75 msf of new office space delivered in Lake Union in the past seven years, which has doubled the size of the submarket. Despite this unprecedented growth, the vacancy rate has not reached double digits in over four years, averaging 4.1% since fourth-quarter 2017, according to Newmark Research. Lack of supply continues to exert upward pressure on rents.

Kevin Shannon, Nick Kucha, Michael Moll, Director Jeffrey Hodson and Rachel Jones with Newmark represented the seller, Cairn West. Cavan OíKeefe, also with Newmark, advised on the sale. The Swig Company was self-represented.




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