Case Study

SEIU HQ

SEIU

Diverse stakeholders with varying priorities can indeed come together quickly for the right opportunity.

Transaction Details

Client: SEIU Healthcare 775NW
Size:
50,000 SF
Space Type: Office
Sector: Non-Profit
Service Line: Brokerage
Total Client Transactions: 2

Detailed Expertise

  • Site Selection
  • Tenant Representation
  • Acquisition/Disposition

Challenge

The Service Employees International Union (SEIU) wanted to save money by consolidating its Federal Way and Renton locations to a central, urban environment with better transit, but also needed to gain consensus from a diverse set of constituent groups – from window cleaners to nurses to security officers and more.

In addition, SEIU wanted to purchase a stand-alone building of an unusual size (about 50,000 SF), on a tight budget and time-frame, but needed to sell its existing facility first.

Solution

Kinzer conducted a thorough market survey from Seattle to SeaTac, and identified multiple options including two unique opportunities that were not actively on the market. The winning option met every need and made quick agreement among multiple stakeholders possible: a stand-alone downtown Seattle building with excellent branding opportunities on Third Avenue, phenomenal access to the bus tunnel, ferries, light rail, and I-5, and even an auditorium space perfect for SEIU’s large meetings.

To create timing flexibility in the disposition of SEIU’s existing space while meeting the move deadline, Kinzer negotiated a lease with an option to purchase with well-below-market terms and tenant improvements without any out-of-pocket costs. Kinzer also negotiated to keep all existing furniture and cabling, dramatically reducing the projected relocation costs.

Results

Kinzer identified a downtown stand-alone location that met SEIU’s unusual space needs and negotiated 17% savings ($2.4M) in below market parking, free rent, rent savings, as well as a future purchase option which would allow SEIU to move immediately, but sell its existing locations to its best advantage.

More Case Studies

All Case Studies

Ready to Get Started?

Temporary Office Closure

Kinzer Partners’ office is closed temporarily in order to keep our employees safe and stop the spread of COVID-19. The safety of our employees, clients, partners, and vendors are of the utmost importance.

While we might not physically be sitting at our desks, we are still connected and available to assist you with any commercial real estate struggles you are having. We’d venture to say our work from home (WFH) dress codes might be ten times better than that in the office! A small solace during this crazy time.

If you have questions on anything regarding your real estate and how it is/has/will be changing in the current environment, don’t hesitate to reach out. We might not have all the answers but we will navigate the unknown right alongside you, offering support and virtual HH drinks when needed.

Wishing you safety, health and ask you to keep washing those hands!

Everyone at Kinzer Partners

For local economic resources

For COVID-19 information