Snapchat

2025 First Ave.

Seattle, WA

OWNER:
Prudential Investments

SIZE:
20 Story Building

TEAM:
David Gurry
Dan Dahl

INTRODUCTION
Prudential Investments (PGIM), headquartered in New Jersey is the owner of Market Place Tower in Seattle.  Market Place Tower is a 20 story building located near Pike Place Market in Downtown Seattle  Prudential’s business plan for the asset is a long term hold with predictable returns for their investors.  The Colliers team of David Gurry and Dan Dahl have managed to keep occupancy above 90% in the 10 years that they have been hired to lease the building.  In early 2016, Redfin notified the Landlord that they have tripled in size and would be vacating 3 floors of the building by late 2018.

STRATEGY
The Colliers team conducted an extensive market review/forecast.  The team decided that it would be beneficial to start working on this assignment sooner than later.  In 2016 market conditions in Seattle were strong and the team felt they could significantly increase overall NOI by leasing the space early.

SERVICES
The Colliers Team of David Gurry and Dan Dahl conducted an extensive market review/forecast that lead the team to the conclusion that an early termination with the existing Tenant was wise.  The team implemented a marketing campaign 2 years prior to the lease expiration with the hopes of attracting a banner tenant for the 3 floors at enhanced economics.

RESULTS
The team successfully negotiated a lease with SnapChat for three floors of the building at rates that were 40% higher than the existing Tenant.  The team also negotiated an early termination with the existing Tenant to accommodate the new Tenancy.  The transaction had a profound impact on the NOI for the building and its overall reputation in the Seattle Market.