Masterminding a Highly-Complex Office Deal

Our complex acquisition and leasing strategy at Seventh and Madison earned industry acclaim as NAIOP Washington’s 2011 Deal of the Year.

Built in 2008, the nine-story, LEED-Gold certified building was completed just as the bottom fell out of the national real estate market. As project lenders reclaimed the property in 2010 and actively sought to sell it, we masterminded a highly creative strategy—pulling together a major medical tenant and HAL Real Estate Investments, a savvy and creative investor with deep roots in Seattle. The Polyclinic, Seattle’s largest multi-specialty medical clinic, and its advisor, Heartland Capital Advisors, had long desired the building and its strategic location for Polyclinic’s expansion.

Success depended upon transforming the building into a class A medical office space, which required a fast-track rezone, a highly functional new building footprint and a new aboveground parking structure. With the target move-in date quickly approaching, the Polyclinic’s needs were met. Praised as the first notable release of an entire building since the economic downturn, the deal also represented the first major commitment of a large medical tenant in Seattle’s central business district.