Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to present the unique opportunity to acquire the 100% fee-simple interest in 700 Broadway (the “Property”), a 0.74 acre development site with the ability to deliver 264,000 square-feet of life science or medical office space. Currently home to Northwest Kidney Centers, the existing 39,115 square-foot medical office building and adjoining parking garage are immediately adjacent and connected via underground tunnel system to Swedish Medical Center First Hill, in addition to falling within the Seattle University Major Institution Master Plan (MIMP).
Northwest Kidney Centers intends to execute a 24-month lease-back upon closing, providing strong in-place cash flow through the entitlement process.
- Within walking distance of the region’s most prominent hospitals, including Swedish Medical Center, Virginia Mason Hospital, UW Medicine Harborview Medical Center, and the Polyclinic
- Located in the First Hill ("Pill Hill") medical office market with over 6 million square feet of outpatient medical office, boasting an average 97% occupancy rate
- Northwest Kidney Centers’ 24-month lease will provide strong cash flow during the entitlement process
- One of the only development sites connected to the Swedish Medical Center’s main campus tunnel system; providing seamless integration with the First Hill medical ecosystem
- Ability to deliver 264,000 square-feet of life science or medical office space under the Seattle University MIMP
- Recent $7.6 million renovation (2012) and $693K garage resurfacing (2017) limit capital requirements during leaseback period