Atrium presents a rare opportunity to purchase a condo-quality, irreplaceable asset in Seattle, recently named the top investment market in the nation by ULI in their 2018 Emerging Trends in Real Estate report. The Atrium is an 18-unit multifamily community with ±6,894 square feet of retail space which is 100% leased. Built in 2014 by the founder of Compass Construction, a top multifamily and mixed-use contractor in Seattle, The Atrium features best-in-class construction with high-end contemporary finishes.
The Atrium is surrounded by some of the most breathtaking views in the Mount Baker neighborhood. Residents enjoy views of nearby mountain ranges and bodies of water, Mount Rainier, and the city skylines of both Seattle and Bellevue from the apartments and the rooftop deck. Centrally located between the two largest employment hubs in Washington State: Seattle and Bellevue, residents are within 10 to 15 minutes of over 450,000 jobs at companies such as Amazon, Boeing, Google, Expedia, Facebook, Microsoft, Nordstrom, Paccar, Starbucks, Weyerhaeuser, and more.
Additionally, The Atrium is only five minutes from the current Mount Baker Light Rail station. The future Judkins Park Light Rail station is within nine blocks with service beginning in 2023 to downtown Seattle, Bellevue, and Redmond.
Located in southeast Seattle, Mount Baker is a neighborhood of Seattle named after Mt. Baker in northern Washington State, the third largest mountain peak in Washington. On clear days, residents of Mount Baker can look north over Lake Washington and see the namesake peak on the horizon. Mount Baker is bounded by Lake Washington to the east, Interstate 90 and Leschi to the north, Rainier Valley to the west, and Columbia City to the south. The neighborhood is dotted with impressive homes and waterfront parks with some of the best views of the Seattle and Bellevue skylines in the region.
A bustling business district is located on along Rainier Avenue minutes from The Atrium with popular restaurants, boutiques, and bars. With the recent addition of the Mount Baker Light Rail Station, residents enjoy easy commutes and accessibility to downtown Seattle and Sea-Tac Airport. An additional Judkins Park Light Rail station is planned for the northern part of Mount Baker, only nine blocks from The Atrium and will expand service to Bellevue and Eastside employers by 2023.
Surrounded by water, snow-capped mountains, and evergreen forests, Seattle is one of the most picturesque cities in the Pacific Northwest and features the most recognizable skyline on the West Coast. Seattle has an estimated population of over 704,000 with nearly four million people for the metro area. With a booming tech industry and home to Amazon’s global headquarters, Seattle is the second best tech market in the nation, only behind San Francisco. Other Fortune 500 companies in Seattle include Apple, Boeing, Facebook, Google, Microsoft, Nordstrom, Starbucks, and Weyerhaeuser.
In 2016, Seattle was ranked the fastest growing city in the U.S. with an annual growth rate of 3.1%. Residents of the city enjoy a much lower cost of living than other cities such as San Francisco and New York, but still enjoy all the attributes that big cities have to offer such as a thriving arts scene, world-class restaurants, and several mass transit options.
Bellevue has undergone tremendous change and growth, primarily because of the city’s talented workforce and rapidly growing downtown area. Its leasable office space has grown nearly 50% since 2000. The City has become a major player in the global marketplace with many companies having chosen Bellevue for their corporate or regional headquarters. Bellevue is home to such companies as The Disney Company, Eddie Bauer, Infospace, Microsoft, Symetra Financial and Yahoo!.
Atrium is less than 10 minutes Seattle’s Central Business District (CBD). The CBD is the Pacific Northwest’s largest employment center which accounts for over 300,000 jobs. Major employers comprising the CBD job market include Amazon, Bank of America, Blue Nile, CenturyLink, Chase, Cobalt, Dendreon, DocuSign, EA Sports, Facebook, Getty Images, Google, Kaiser Permanente, HTC, Hulu, King County, Microsoft, Nordstrom, Oracle, Onvia, Port of Seattle, Russell Investments, Safeco Insurance, Starbucks, Swedish Medical Center, Twitter, Virginia Mason, Vulcan, Washington State, Wells Fargo, and Zillow.
Founded by Jeff Bezos in 1994, Amazon is the global leader in e-commerce and cloud computing with their world headquarters in Seattle. Amazon’s cloud computing services are among the largest in the world, serving everyone from small companies to large corporations and government agencies. In 2015, Amazon surpassed Walmart as the most valuable retailer in the U.S. by market capitalization. Amazon is the largest internet company in the world and the second most valuable public company in the world. Additionally, Amazon is the eighth largest employer in the United States.
Google currently employs 3,000 people between its Seattle, Kirkland, and Bothell offices, making the Puget Sound the company’s third largest engineering location in the U.S. Google’s Kirkland and Seattle workforce is comprised mostly of engineers that are entirely responsible for Google Talk and Talk Video and helped to build Google Maps. Additionally, the Seattle and Kirkland offices have made significant contributions to Android, AdSense, AdWords, Analytics, Cloud, Chrome and Chrome OS, Gmail, the Google App., Search, YouTube, and much more.
Google’s presence in the Puget Sound region began in 2004, when it leased 30,000 square feet of space from Getty Images in Seattle’s Fremont neighborhood. Their Fremont location is currently 152,000 square feet and the company recently announced plans to expand to 607,000 square feet in Seattle’s South Lake Union neighborhood by early 2019.
Bellevue is a major regional job center, employing more than 150,000 people and is becoming a leader in commerce, international trade, and technology innovation for the region. The city is also establishing itself as a global player, with large companies having major world, national, or regional offices in Bellevue including Microsoft, T-Mobile, Eddie Bauer, Verizon Wireless, and more. Other large employers in Bellevue include Bellevue College, City of Bellevue, Safeway, Quality Food Center (QFC), Nordstrom, Savers (the Value Village operator), and Bellevue School District, which is one the top school districts in the nation.
Facebook, the multi-billion dollar online social networking service based out of Menlo, California, is the largest American owned IPO in history. The company has occupied space in Seattle since 2010. In 2015, Facebook expanded with a new move and ten year lease for 274,000 square feet at Dexter Station, just 15 minutes south of the Property. Within the last two years, Facebook has doubled its workforce in Seattle with an estimated 2,000 current employees. The company continues to grow by preleasing multiple buildings in South Lake Union. Facebook employs mostly programmers in its Seattle office and is expected to be one of the largest employers in SLU once they are fully occupied in their leased spaces.
Starbucks for its start in 1971 at Pike Place Market in downtown Seattle with the intention of being a world-wide coffee roaster and retailer with the best coffee on the market. 45 years later, Starbucks has become the best-known coffee chain globally and their Pike Place Market storefront has become a tourist destination. In addition to their original location which is still in operation, Starbucks now has over 26,700 locations around the world. Starbucks’ corporate headquarters is located less than 12 minutes from The Atrium in Seattle’s SoDo neighborhood.
Microsoft is the world’s largest software company with their global headquarters located in Redmond, less than 15 miles east of The Atrium. Microsoft currently employs nearly 135,000 globally with over 50,000 employees in the Puget Sound Region making it the second largest employer in the state behind Boeing. Over 34,000 employees are located at their Redmond headquarters with the remaining employees centered in Bellevue and South Lake Union. Economists report that the multiplier for each Microsoft job is an additional 3.4 new jobs in the area. The average Microsoft salary is $225,000 including options and benefits, which is one of the highest in the tech industry.
For more information, please contact:
Ryan Dinius
Senior Vice President
206.398.2281
rdinius@kiddermathews.com
Sidney Warsinske
Vice President
206.296.9617
sidw@kiddermathews.com
Philip Assouad
Senior Vice President
206.398.2279
passouad@kiddermathews.com
Giovanni Napoli
Senior Vice President
206.398.2278
gnapoli@kiddermathews.com
Kidder Mathews is the largest, independent commercial real estate firm on the West Coast, with more than 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Arizona, and Nevada. For more information, visit www.kiddermathews.com.
