Lease-up and Sale of 500 Yale
Lease-Up and Sale of 500 Yale
500 Yale was built and completed during a challenging time for commercial real estate in Seattle. Despite this low point in the market, Broderick Group succeeded in leasing the top floor of the building to New York Life Insurance in 2011. Not long afterward, we secured a long-term lease for three full floors with WeWork, an international co-working company, which was to be their first Pacific Northwest location.
Shortly after the successful lease-up of 500 Yale, the landlord requested we assist with the sale of the building. As South Lake Union was just beginning to experience its explosive growth, Broderick Group was able to assist with market knowledge and submarket intelligence, which lead to successfully selling the building.
Because of Broderick Group’s assistance and foresight of the exponential growth of South Lake Union, 500 Yale received a large volume of interest from the investment community. Taking advantage of this opportunity in the market, Broderick Group assisted in successfully selling the building to Trinity Real Estate in 2014 and meeting the landlord’s sales goals.