Seattle Post-Intelligencer Building
The Sabey Corporation achieved a price for the property well over its internal anticipated sale price of $35 million, receiving a final purchase price of $40,022,400.
As a result of their very successful marketing campaign for the disposition of the Associated Grocers' property, the ultimate purchaser of that property, Dave Sabey, President of the Sabey Corporation, engaged Kidder Mathews for his planned disposition of Sabey's, Post-Intelligencer (P.I.) Building; a Class A "perimeter" office property located just north of Seattle's CBD on Elliott Avenue in the Lower Queen Anne submarket of Seattle.
The Sabey Corporation developed the P.I. Building in 1986, and had come to the conclusion that it was time to sell this asset. Similar to the Associated Grocers' assignment, The Sabey Corporation wanted the sale of the subject property fast-tracked and due to a variety of economic and political considerations. They wanted the listing agents to perform somewhat of a stealthy marketing program for the assent, with the goal of not widely disseminating marking materials to the local market, but rather focus on a national prospect audience for this disposition assignment.
The listing team essentially prepared in a similar expedited timeline, the sale comprehensive marketing program they assembled for the Associated Grocers assignment, including an equivalent amount of property-related and ancillary supporting materials for their custom (proprietary) web-based marketing platform. The listing team assembled the full marketing program, including all web-based materials after constructing a custom web site and prospect tracking system identical to the Associated Grocers' assignment, in less than three weeks.