Description

Two Neighboring Assets, One Repositioning Plan, at the Center of Downtown Seattle

Jones Lang LaSalle Americas, Inc. ("JLL"), as exclusive advisor, is pleased to present the opportunity to acquire 1111 Third Avenue ("1111 Third") and 2nd+Spring (together, the "Properties"), two assets in the heart of Seattle's CBD totaling 710,070 RSF.

1111 Third is a 34-story, 570,868 RSF tower with efficient floorplates and 17 full-floor availabilities today, growing to 23 floors post-vacates with four, multi-floor contiguous availabilities. 2nd+Spring is a 139,202 RSF historic building constructed in 1906 and completely upgraded in 2013, offering 26,084 SF average floorplates and dedicated in-building executive parking.

A Defined Program That Sets 1111 Third Apart From Its Competitive Set

The business plan for 1111 Third is a coordinated renovation, not a single amenity: a hospitality-inspired private club and conference facility on Floor 26, a new fitness center with a yoga room and locker rooms on Floor 2, a refreshed lobby and elevator cabs, and spec suites sized from roughly 1,100 SF to 12,000 SF. Move-in ready suites on floors 21 and 22 offer the unique ability to sign short-term deals that compete directly with market-wide sublease availability. Once complete, 1111 Third will be fundamentally differentiated from its current competitive landscape.

2nd+Spring: A Single-Tenant And Owner-User Opportunity With No Direct Comp

Built in 1906 and completely upgraded in 2013, 2nd+Spring is a one-of-one building for a single user: lofty historic ceilings, oversized windows on every floor, a repaired terracotta facade, 26,084 SF average floorplates, 70 covered parking stalls, move-in-ready interiors, and a 3,000-amp, 480/277-volt electrical service backed by approximately 2.5 MW of on-site generator capacity, suited for tech and AI users. A buyer can underwrite a single tenant, floor-by-floor leasing, or owner-user occupancy. No other building in the boutique comp set pairs historic character, large floorplates, and dedicated in-building executive parking.

At a reset basis, the Properties give a new owner the opportunity to deliver a defined renovation program and lease into a market that has begun to recover, with no new speculative office construction under way.

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Attributes

Building area gross

710,070 sf

WAULT

1.7 years

1111 3rd Ave + 2nd & Spring (2 Properties)

Media

Investment Highlights

Two Neighboring Assets, Two Paths to Lease-Up. 1111 Third and 2nd+Spring give a buyer a multi-tenant tower and a single-asset building, 710,070 RSF in the center of the CBD.

A Reset Basis with a Defined Renovation Program. A Floor 26 club and conference facility, a Floor 2 wellness center, refreshed lobby, and spec suites for every size of tenant position 1111 Third against the tier above.

A Maintained Building with Over $6M of Capital Invested. Ownership has invested over $6M in 1111 Third from 2019–2024, including an over $800K lobby renovation, facade repairs, chiller and generator replacements, and electrical and building controls upgrades.

Scalable Full Floors with Views. 17 full floors are available today, and 23 once known vacates are included, with unobstructed views beginning on the 22nd floor.

A One-of-One Boutique Opportunity at 2nd+Spring. 1906 character, a 3,000-amp, 480/277-volt, three-phase electrical service, 26,084 SF average floorplates, and 70 covered stalls, with no other building in the boutique set that pairs them.

A Market That Has Turned the Corner. The region posted 372,000 SF of positive net absorption in Q2 2026, availability has fallen two quarters in a row, and no speculative office construction is under way.

AI Demand Is Moving Toward Seattle. AI leasing reached a record 625,386 SF in H1 2026, while Eastside tier availability is down and Bellevue rents carry a 22.1% premium over downtown.

Light Rail Connects the Properties to the Eastside. The Crosslake Connection opened March 28, 2026, placing Seattle and Downtown Bellevue about 20 minutes apart.

Downtown Is Visibly Recovering and the Properties Sit at the Center. August 2026 was the busiest month since July 2019, the World Cup generated $889 million, violent crime fell 14% in 2025, and the Properties are 4 to 20 minutes from Pioneer Square, Queen Anne, the University of Washington, and Bellevue.