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Home

Waterfront Place Building

 

 

Printable case study

Project Outline

Waterfront Place is a 13-story, 177,915 SF Class A office building, built in 1983. The building is well located at the intersection of Spring Street and Western Avenue in close proximity to Seattle’s waterfront, the Pike Place Market and the City’s financial district. The first floor of the building is comprised of street front retail shops. The building has six stories of professional office space, and three stories of top floor condominiums. The top four floors of office space have sweeping views of Elliot Bay. The office component consists of 162,305 SF of office space on six floors, along with 15,610 SF of street-front retail. The condominium component is served with a separate, secured owner’s entrance and full-time Owner’s Association.

The property is also served by a secured, four-level, 230 parking stall garage, which is managed by a professional parking garage operator.

During GVA Kidder Mathews’ management, Waterfront Place was owned by two separate, private investment funds. The first ownership was headquartered in New York, and GVAKM provided full reporting, negotiated lease renewals, and represented the owner as a member of the Condominium Owner’s Association. The property was sold to an institutional investor in July 2005. GVA Kidder Mathews was retained by the purchaser.

GVA Kidder Mathews managed a significant capital re-investment program between July 2005 and March 2006, repositioning the asset’s value and its perception in the marketplace. GVA Kidder Mathews competitively bid and facilitated a capital expenditure program that included building system upgrades and tenant improvement work for new tenants. The total capital invested in this initiative exceeded $1,000,000. Capital work included new mechanical equipment and controls and refurbishment of all common areas and tenant improvements. New lighting and energy saving measures were competitively bid and implemented within the building utilizing Seattle City Light grant measures for contract savings. The property recently sold at a considerably increased price following 13 months of ownership.

Services Provided by GVA Kidder Mathews

  • Property Management

  • Operations Management

  • Building Engineering and Maintenance

  • Construction Management

  • Leasing and Dispositions Support

How GVA Kidder Mathews Added Value

GVA Kidder Mathews met with the new ownership to identify the goals and objectives for the asset. At that time, repositioning the asset, enhancing the leasing efforts, and providing a comprehensive review of the existing building operations and systems was undertaken.

The GVA Kidder Mathews management team developed a detailed summary of the existing equipment, and identified equipment that had reached the end of its useful life, as well as control systems to improve operating efficiencies. We contacted new service providers and Seattle City Light to evaluate cost saving grant measures tied to new lighting and controls within the building. The Team collaborated with the landlord’s architect to re-design the common areas, re-carpet the common lobbies, re-paint the hallways and restrooms, add improved lighting, and install new artwork and furniture in the first floor lobby. We then competitively bid existing service contracts seeking opportunities to further improve financial performance.

The owner approved all expenditures after GVA Kidder Mathews provided clear recommendations with supporting bids to complete the work. GVA Kidder Mathews developed a detailed operating budget utilizing the owner’s chart of accounts, including a five year capital plan for the asset. The team met with the leasing agents and participated in monthly leasing calls to ensure a clear line of communication between the managing agent and leasing team. Walking through the vacant suites with the leasing team and the owner, the firm was able to develop clear guidelines for each vacancy to ensure a timely response and clear leasing objectives for the leasing agents. The team developed floor plans and marketing materials for the vacant suites and provided these to the listing broker. GVA Kidder Mathews negotiated several successful lease renewals, as the owner saw the value in GVA Kidder Mathews’ day-to-day relationship with tenants, which greatly enhanced and supported the lease renewal efforts.

 

 



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