RENTON COMMERCE CENTER
Renton, WA
Property Leasing
Transaction Size: 112,000 Sq. Ft.
The Situation
NAI Puget Sound Properties has been involved in the Renton Commerce Center since its inception. Given the listing to sell and market the 7.39 acres of land, we convinced our client, PGP Partners/RREEF, that given the location and access of the land, the potential of the property easily met the asking price. Our next assignment was to help design and market a building that would quickly lease in a down market.
Our Solution
Having success in leasing up small business parks in the past, we suggested constructing a building to fit a niche that had been overlooked, small dock high spaces to support 35% office build out. We made sure the site would take advantage of the location, have enough parking to accommodate high office build out ratios and have both dock high and grade level doors to accommodate smaller users. Our extensive marketing efforts allowed us to meet these goals before proforma. More importantly, we were able to meet proforma in terms of the high office ratio build out that this park required. Furthermore, we were able to lease up the facility at proforma rates despite the fact that the lease up was during the telco bust and a huge slowdown in the industry. Who says you cannot build a successful speculative in a down market?