Case Study

505 First/83 King

Starbucks

Two buildings connected couldn't have been more different.

Transaction Details

Client: Starbucks Corporation
Size:
470,000 SF
Space Type: Office
Sector: Corporate
Service Line: Brokerage, Consulting & Strategic Planning
Total Client Transactions: 30+

Challenge

What do you do with two buildings in Pioneer Square that are connected but were born out of completely different eras? The buildings featured functional components that were inferior to typical buildings and were vacant. With flexibility for the future owner of utmost importance, Kinzer set out to maximize value.

Solution

First things first, Kinzer convinced Starbucks to delay the sale of the building until it stabilized (to 100% occupancy) and market conditions improved. This allowed sale pricing comparable to superior office buildings within the nearby central business district, well beyond expectations. Kinzer highlighted the historic character of the older structure and the modern infrastructure and technology of the new building to attract buyers. The sale price of $124M achieved proceeds for Starbucks in excess of $100M beyond original expectations at the time of engagement.

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