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Project Outline
The Watermark Tower is a 23-story, 67,528 SF Class A office building
built in 1982. The building is favorably located at the intersection of
First and Spring Streets near Seattle’s waterfront, Pike Place Market
and the city’s financial district.
The building contains 60,275 SF of office space on five stories, 7,253 SF
of street-front retail, and 18 stories of residential condominiums. The
condominium component is served with a separate, secured owner’s
entrance.
The property is also served with a detached parking garage containing
323 spaces on five levels and managed by a professional garage operator.
Watermark Tower is owned by a local, private investor.
Services Provided by GVA
Kidder Mathews
How GVA Kidder Mathews
Added Value
GVA Kidder Mathews provided comprehensive management of this asset, and
maintained an on-site management office within the project for several
years. GVA Kidder Mathews provided monthly reporting, daily engineering
services and daily operations management. GVA Kidder Mathews was
successful in identifying several problem plumbing connections located
below the restaurant tenant. These compromised pipes and fittings were
replaced prior to any significant water damage occurring within the
building. The GVA Kidder Mathews management team worked closely with the
GVA Kidder Mathews leasing team to maintain a stable occupancy within
the building.
During GVA Kidder Mathews’ management tenure, the firm provided accurate
monthly reporting, timely distributions, assisted the ownership in
refinancing the property, successfully re-tenanted transitional retail
space with stable occupancies, leased several vacant storage spaces
within the building to add value to the asset, and negotiated service
contracts with favorable expense savings to benefit the ownership and
tenants within the building.
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