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Seattle Tower
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161,000 sq.ft. Office Building
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| Investment Highlights |
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| In a joint venture with Helix Funds (Chicago, IL), Trinity acquired and managed Seattle Tower, a 23-story Art Deco office high-rise located in the Seattle CBD. At acquisition, the building, built in 1929, suffered from low occupancy rates (78% at acquisition) and significant deferred maintenance, including the need for significant seismic repairs and upgrades caused by damage of the 2001 Nisqually Earthquake. Extensive due diligence in a short time period allowed Trinity to identify the property deficiencies and determine cost impact quickly. |
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| Trinity managed a $3 Million repositioning program consisting of structural upgrades to elevator shafts and building exteriors, base building improvements, exterior lighting improvements and common area upgrades (lobby, corridors). Aesthetic upgrades to the common areas and base building exterior restored the grandeur of one of the finest examples of Art Deco architecture in Seattle. |
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| Over the 1½ year repositioning and stabilization period, Net Operating Income was increase by 26%, and occupancy was increased from 78% to 93%. Purchased for $19.1M in 2004, and sold for $36.2M in 2006 to a San Francisco-based institutional investment fund, the investment in Seattle Tower generated an Investor IRR of 75%, and a 2.6X equity multiple. |
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