$42.5M sale leaseback of medical office building in Seattle completed
JLL Capital Markets in partnership with Spectrum Development Solutions led sales efforts for 700 Broadway, which has MOB or life sciences development potential
SEATTLE, Oct. 21, 2021 – JLL Capital Markets announced today that it has closed the $42.5 million sale of 700 Broadway, a 39,115-square-foot medical office building in Seattle, Washington.
JLL and Spectrum Development Solutions represented the seller, Northwest Kidney Centers, in a sale-leaseback transaction.
700 Broadway is a recently renovated, five-story medical office building with an adjoining four-story, 85-space parking garage. The building features average ceiling heights of 11’ and 6,800-square-foot average floor plates. Northwest Kidney Centers occupies the entire facility and has leased back the space on a short-term basis post-close.
Positioned on a 0.74-acre site at 700 Broadway, the property is immediately adjacent to and connected via the underground tunnel system to Swedish Medical Center First Hill. This location is within the First Hill medical office market, which boasts more than six million square feet of outpatient medical office with an average 97 percent occupancy rate. With a WalkScore® of 97 and a Transit Score® of 94, 700 Broadway is within walking distance of the area’s most prominent hospitals, including Virginia Mason, UW Medicine Harborview Medical Center and the Polyclinic.
“The sale of Northwest Kidney Centers facility at 700 Broadway marks a significant milestone for the organization,” said Rebecca Fox, Northwest Kidney Centers CEO. “As part of our long-term strategy to consolidate our downtown operations, it will enable us to further invest in our mission to promote the optimal health, quality of life and independence of people with kidney disease.”
The JLL Capital Markets team representing the seller was led by Senior Managing Director Gerry Rohm, Senior Director Logan Greer and Managing Director Evan Kovac.
“It was a pleasure working with Northwest Kidney Centers, Spectrum Development Solutions and the buyer on this transaction,” Greer said. “We look forward to watching First Hill’s innovation ecosystem continue to grow.”
JLL Managing Director Kris Richey Curtis provided leasing advisory services during the transaction.
“As a long-time advisor and partner of Northwest Kidney Centers, we are very grateful the sale of 700 Broadway was such a success as it paves the way for a new chapter for the organization in Seattle,” said Jake McKinstry, Principal of Spectrum Development Solutions. “The JLL team did an excellent job ensuring we found the right buyer.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Northwest Kidney Centers
Founded in 1962 as the world’s first outpatient dialysis provider, Northwest Kidney Centers is a not-for-profit, community-based organization that operates 20 dialysis clinics around the Puget Sound region.
About Spectrum Development Solutions
Spectrum Development Solutions is a mission-driven real estate development and advisory company with a diverse, cross-sector focus spanning healthcare, workforce housing, student housing, and community, non-profit projects. All of Spectrum’s projects have a strong community focus with an emphasis on transit-oriented and environmentally sustainable development. For more information, please visit: spectrumdevsolutions.com.