Dexter Horton Building

710 Second Ave.

Seattle, WA

OWNER:
Gerding Edlen

SIZE:
330,000 SF

TEAM
Dan Dahl,
David Gurry

INTRODUCTION
The Dexter Horton Building was purchased by Gerding Edlen in 2013. The building was the firm’s first office acquisition and they needed an experienced team that could re-introduce it to the market. Dan and David were hired to fulfill this role and lease the building on behalf of Gerding Edlin.

CHALLENGE
The building was in need of a cosmetic renovation and an up-to-date amenity package that would appeal to tenants competing for talent. The team assembled architects and contractors to determine necessary improvements needed to capture today’s tenant base. All common areas were renovated, and a new shower/locker room, bike room, roof top deck/lounge, dog room, and Mother’s room were all introduced to the market

"Beyond the fundamentals, a key characteristic that distinguishes Colliers is its ability to understand and work in sync with a particular ownership strategy. In closing, the Colliers Team is hard-working, well organized and demonstrated a keen ability to prioritize and focus.”"

– Darrell J. Campos
Director, Portfolio Management
RREEFF

STRATEGY/SOLUTION
Dan and David implemented an intensive marketing program aimed at rebranding the asset and enhancing its image in the community. Their strategy required raising awareness of all the improvements being made among a targeted list of prospective tenants, which the team achieved through a series of open houses, broker lunches, html emails, a dedicated building webpage, and relationships with tenant rep brokers.

RESULT
The team brought the building up to 95% occupancy with tenants such as AOL, Climate Corp, Hornall Anderson, etc. The building was recently sold to Pacific Eagle, capturing a 44% IRR for Gerding Edlen.