Case Study

Federal Home Loan Bank

FHLB in Safeco Plaza
Federal Home Loan Bank Seattle

Seeing and properly valuing the qualitative aspect of a location is not only possible, but often critical.

Transaction Details

Client: Federal Home Loan Bank
Size: 8,000 - 54,000 SF
Space Type: Office
Sector: Corporate
Service Line: Brokerage
Keywords: Financial
Total Client Transactions: 8

Detailed Expertise

  • Site Selection
  • Tenant Representation
  • Financial and Qualitative Analysis


Federal Home Loan Bank’s (FHLB) goals were clear: the company wanted to upgrade its location to create a more dynamic work space that better reflected the bank’s brand and mission, while taking advantage of favorable market conditions to save on its real estate costs. The subtle challenge lay in helping FHLB strike just the right balance between one highly qualitative, versus one highly quantitative goal.


Kinzer conducted an in-depth lease versus buy analysis across a variety of properties, but also worked with an architect to evaluate build-out scenarios and assess each property’s capacity to achieve a more dynamic and collaborative work space for FHLB, as well as to reflect the bank’s unique brand and mission.

With analyses that incorporated all of the qualitative and financial factors – FHLB was able to choose the right balance with confidence. Although the low cost of capital at the time made some of the immediate purchase options attractive, other factors made near-term purchase difficult, and pointed to a location in Safeco Plaza with an excellent opportunity to create the ideal work space. Kinzer negotiated a flexible lease with an option to purchase to seal the deal.


FHLB was thrilled with the balance Kinzer was able to strike. The bank’s new 54,000 SF in leases saves several hundred thousand dollars per year in occupancy costs (NPV savings = $1.6M), while dramatically upgrading its environment to a more dynamic workspace that reflects the bank’s brand, while retaining the flexibility to revisit a potential purchase when the timing is right.

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