June 9, 2022 9:00 AM
Newmark announces its client Clise Properties has acquired 100 percent interest in 1700 7th Avenue, a premier Class A+ office tower in downtown Seattle, Washington. Clise Properties, a family-owned and -operated Seattle real estate developer, originally developed the building and has maintained a majority ownership stake. The company recently bought out its minority partner, gaining 100% interest.
Newmark Executive Managing Director and Seattle Market Director Tim O’Keefe, Executive Managing Director Jesse Ottele and Senior Managing Director Cavan O’Keefe have served as the exclusive leasing advisors for the property since March 2021.
“We would like to congratulate the Clise Properties team on attaining 100% interest in this best-in-class office building,” said T. O’Keefe. “With a planned upgrade to the amenity set and a fresh, creative leasing strategy, we look forward to working with ownership to bring the building to full occupancy.”
Built in 2001, 1700 7th Avenue is a 24-story, 550,000-square-foot, Class A+ office building with prominent street-level retail. Building amenities include a private tenant rooftop deck on the 10th floor, floor-to-ceiling windows, Starbucks and UPS Store on-site and underground parking with a dedicated executive-level exit. As the sole owner, Clise Properties plans to upgrade the building’s amenities with a new fitness center, conference center, food operator and an updated patio and outdoor event area on the 10th floor. Additional upgrades will include a new, expanded bike storage room with new locker rooms, showers, drying room and electric vehicle charging stations.
1700 7th offers tenants proximity to both Seattle’s downtown core as well as the abundance of new restaurants, bars and retail to the north that have sprung up as a result of the growth of Amazon and other tech companies in the area. Nearby hotels include Hyatt Grand Regency, The Westin, Elliott Grand Hyatt, The Sheraton, Hotel Max and The Paramount Hotel. The building is situated in a prime downtown location, just two blocks from the newly expanded Washington State Convention Center, across the street from the United States Federal Court House, one block south of Amazon’s World Headquarters, two blocks from Westlake Center Light Rail Station and the SLU Streetcar. Commuters also enjoy easy I-5 North & South access via Stewart Street and Olive Way.
The building presents the ability to accommodate tenants ranging in size from approximately 3,000 square feet to 380,000 square feet, with availability on the 3rd through 17th floors. With a full ownership stake in the debt-free building and exciting amenity upgrades, Clise Properties, in partnership with the Newmark leasing team, have planned a competitive leasing strategy.
The Puget Sound office market steadily improved at the start of the new year, according to Newmark Research, with solid fundamentals and indications that the overall outlook for 2022 is bright. Mask mandates in King County were rolled back in mid-March, an encouraging step that stimulated a return-to-office wave for some of the region’s largest employers. After several variant-related delays, companies like Microsoft, Meta and Twitter have begun to fill up the expanded footprints acquired over the past two years. While hybrid work models are certain to remain, the trend is unlikely to have any lasting negative impact, as employers are securing spaces capable of accommodating critical mass.
About Clise Properties
For more than 130 years, Clise Properties and the Clise family have led development in Seattle. JW Clise, our company’s founder, arrived in 1889, one day after the Great Seattle Fire left the central business district in ashes. The following years resulted in an unprecedented assemblage of assets that allowed us to lead Seattle’s development well into the 21st century. Today, under fourth generation leader Al Clise, Clise Properties has expanded its footprint to include the greater Puget Sound region, including commercial sites in Bellevue, Bothell, Lynnwood, Federal Way and Puyallup. The Clise family possesses a passion, respect and commitment to Seattle that extends beyond our daily work. Among the family’s many contributions is the founding of Seattle Children’s Hospital, conceived by JW’s wife, Anna Herr Clise, in 1907. With the best interest of Seattle always at heart, Clise Properties continually invests in the future of this vibrant city. Acquiring 100% of 1700 7th exemplifies this ongoing commitment.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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