Quadrant I-5 Corporate Park, Building B
808 134th Street SW – Bldg B, Everett, WA 98204
Investment Offering
THE OFFERING
JLL is pleased to present Quadrant I-5 Corporate Park, Building B (“Quad
I-5”), a 68,575 square feet two-story Class A office property located in Everett,
Washington in the desirable South Everett submarket. Lush landscaping and an
impressive two-story glass facade create immediate curb appeal and set the tone
for prospective tenants looking for a quality location. This is evidenced by the
international, national and regional tenants in the building who are industry leaders
including Thales, innovator in aerospace, ground transportation, defense and
security; and the well-known national realtor Redfin.
Quad I-5 is well positioned to take advantage of the strong market fundamentals,
both existing and predicted for the Seattle/Puget Sound office market. With
vacancies at a fifteen year low and rents at an all-time high, new construction will
produce still higher rental rates for Seattle and Bellevue downtown properties.
Those companies that do not need to be in a CBD location will find significant
savings in suburban properties with pricing that is still landlord favorable. Quad I-5
is 87.5% leased so there is upside in the vacant space as well as future lease rollover.
Built in 1999 and maintained to the highest industry standards, Quad I-5 is a
preferred location for small to mid-size tenants looking for a prestige location.
The building has expansive territorial views of the Cascade Mountains; a building
conference room; recent lobby and common area upgrades; ample free parking;
and Avanti Markets offers tenants quick and convenient fresh food options in the
building 24/7.
Quad I-5 presents a compelling opportunity to own an institutional quality office
building with staggered lease roll-over located in one of the country’s most
desirable investment markets.
Address:
808 134th Street SW – Bldg B
Everett, WA 98204
Site Area:
4.14 Acres
Building Area:
68,575 s.f.
Year Built:
1999
Occupancy:
87.5%
Number of Floors:
2
Parking Ratio:
3.4/1,000
Zoning:
BP, Snohomish County
INVESTMENT HIGHLIGHTS
Stable Income with Upside Potential
The national real estate firm Redfin and the
international Thales Group are two of the
companies on the Quad I-5 tenant roster. The
strong and diverse mix of international, national
and regional corporate names creates a stable
in-place income stream. The three existing
vacancies coupled with gradual tenant roll over
present the opportunity to mark to market the
new rental rates thus enhancing asset value.
Quality Construction
Built in 1999 by the Quadrant Company,
a division of Weyerhaeuser, this concrete
structure not only has curb appeal with
its impressive two-story glass facade, but
embodies architectural elements that make
its design timeless. The current owner has
maintained the building to the highest industry
standards. Adherence to quality is reflected
in the $415,000 of asset upgrades that have
been made 2012-2016 by current ownership.
Additionally, over $1.35 million has been
invested in tenant improvements including
“market ready” improvements to the vacancies.
As a result, the buyer will benefit from premium
rents and significantly reduced future capital
requirements.
Strategic Location
Quad I-5 is located in Everett, Washington,
home of the world’s largest building by volume,
Boeing’s final assembly plant, and a vital
contributor to the regional economy. Quad I-5
has immediate freeway access with its
strategic location just north of the Interstate 5
and Interstate 405 interchange. This wishbone
interchange offers convenient I-5 access to
Seattle to the south, downtown Everett to
the north and I-405 access to the East Side
communities including Bellevue and Redmond
to the southeast. In addition to the flow of
commerce, this location has an additional
advantage to employees. Median home prices
in Everett are 49% below those in Seattle and
40% below Bellevue prices.
Staggered Lease Expirations
As shown on the stacking plan on page 19, the
lease expirations are nicely staggered over the
next six years. No one tenant dominates the
tenant roster thereby creating an inordinate
single exposure. Tenant sizes range from 1,595
square feet to 17,307 square feet. An additional
321 square feet of space can be added to
the building as leases roll based on the latest
BOMA measurements.
Limited Competition
Although the supply of office space in this
south Everett submarket is shrinking, there is
currently no news of speculative construction
breaking ground in the near horizon. Most
proposed developments in the city of Everett
are still concentrated in the Downtown Everett
submarket, where city planners expect the
population, and concurrently the number of
jobs, to grow by nearly 40 percent by 2035.
QUADRANT I-5
CORPORATE PARK
EVERETT
NORTH
808 134th Street SW – Bldg B,
Everett, WA 98204
PUGET SOUND
CONTACTS
PAINE FIELD
ANN CHAMBERLIN
Managing Director
+1 425 974 4022
[email protected]
MUKILTEO
MARK FLIPPO
Managing Director
+1 425 974 4007
[email protected]
QUAD I-5
FINANCING CONTACTS
MILL CREEK
SETH HEIKKILA
Senior Vice President
Capital Markets, Finance
+1 206 607 1732
[email protected]
5
ZACK GOODWIN
Senior Associate
Capital Markets, Finance
+1 206 607 1791
[email protected]
LEASING CONTACTS
TODD BATTISON
+1 206 296 9621
[email protected]
KENNETH HIRATA
+1 206 296 9625
[email protected]
ALDERWOOD MALL
LYNNWOOD
TO SEATTLE
405
TO EASTSIDE COMMUNITIES
INCLUDING BELLEVUE AND REDMOND
225 108th Ave NE, Suite 550 | +1 425 974 4000 main | +1 425 974 4020 fax | jll.com/seattle
Copyright © Jones Lang LaSalle IP, Inc. 2016
This publication is the sole property of Jones Lang LaSalle and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle (“JLL”) and/or Seller. Materials contained
herein are confidential, furnished solely for the purpose of considering the purchase of Parkway Plaza IV (the “Property”) located in Vancouver, Washington. The information contained in this publication has been obtained from sources generally regarded to be
reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle expects that prospective investors will conduct their
own independent due diligence concerning the Property, and does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication. Jones Lang LaSalle Americas, Inc. License # 01223413.