All Core Services for One Top-tier Property

Rarely do opportunities come together that allow us to utilize all our core services in a single transaction. With the acquisition of Second & Seneca with Rockwood Capital, we brought together our investment, property management, leasing and construction management services to holistically serve one client on one property.

We sourced and helped structure the deal that enabled Rockwood Capital to purchase Second & Seneca in 2012 from Tishman Speyer. The two-building property included a 445,000-square-foot class A office tower (Second & Seneca, formerly Safeco Center) and a 1960s-era, 8,000-square-foot building (1101 Second Avenue, formerly HOB), the former original headquarters of Washington Mutual.

Once the transaction closed, in 2012, we took over property and leasing management responsibilities of Second & Seneca (85% leased at closing). We recognized the long-term value of the building, formerly one of downtown Seattle’s top-tier office towers that lost status under previous ownership. Through strategic investment and operational improvements designed to enhance the overall tenant experience, we successfully reintroduced the building to the market as a best-in-class asset for high-caliber tenants.

Similarly, we recognized the value of the adjacent 1101 Second Avenue property, a building that had been completely vacant since 2008 as its dilapidated state left it uninhabitable. Working with Rockwood Capital, we completed a comprehensive renovation and repositioning of the building, designed to create a core and shell tailored to attract creative class tenants that desire a unique office environment with modern office amenities. 1101 Second is 100% leased.