• London Aviation Underwriters purchased the property in 2001. At the time the size and location fit well with the business operations. Through a rising market, the worst recession the country has seen since the Great Depression and its eventual recovery, improvements were made to the building and the value of the building and neighborhood changed.

• In 2016, discussions began around whether the location and size of building fit the needs for LAU’s business and who the highest bidder might be for a property of this type given they were receiving unsolicited offers from potential developers. Its mid-block location, the aged finishes and small lobby would be challenges in marketing for sale.

Strategy

•We created a Broker Opinion of Value for the property that laid out the way potential buyers would analyze its value. Even with Queen Anne’s pending up zone, it was decided that an owner/user would pay a premium price for the property.

• In order to avoid disrupting LAU’s daily business, it was requested that we soft market the property for the first few months to see if we could garner any off-market interest. We targeted known buyers in the market as well as the neighbors of the building, both of whom showed interest in the property. We received a bid from one of the neighbors that matched our ambition for a sales price.

•As we moved toward executing a Purchase and Sale Agreement, the second neighbor, jumped the offer by a substantial margin and created a closing period that was ultra-aggressive - even for a sellers’ market.

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• While 226 Second Ave was being marketed for sale, we toured and selected a property in Federal Way to purchase for the new headquarters. The new building’s size was ideal, and the location was more appropriate for the current staff. We aligned the closing dates of the two properties to be within 1 day of each other.