Queen Anne Square

Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire Queen Anne Square (the “Building” or “Property”), a rare value add office investment opportunity located in Seattle’s vibrant Queen Anne submarket. This two-building, 152,714-square-foot campus—comprising the 54,015-square-foot West Building and the 98,699-square-foot East Building—offers investors a significant presence in one of Seattle’s most desirable urban-suburban corridors.

Originally constructed in 1982 and thoughtfully renovated in 2008, Queen Anne Square currently stands 48% leased with a weighted average lease term of 2.7 years, providing immediate in-place income and meaningful upside through lease-up and repositioning.

Queen Anne Square stands out as a dynamic value-add repositioning opportunity. Investors can unlock significant potential by undertaking targeted capital improvements to revitalize common areas and suites, unlock pent-up demand for quality office, and further enhance building appeal, directly driving occupancy and rental growth.

The property delivers uncompromising urban/suburban connectivity. Tenants benefit from seamless access to both Downtown Seattle and surrounding neighborhoods, while also enjoying sweeping views of Puget Sound, Downtown, and Queen Anne Hill—a combination that appeals to a broad range of users seeking both accessibility and an inspiring environment.

The two office buildings at Queen Anne Square also present a compelling alternative exit opportunity through conversion to residential or hotel use due to their physical attributes and prime location. The two five-story buildings provide optionality for one or both buildings to be converted. The bay depths are suitable for conversion, as research suggests that floor plates below 20,000 square feet are ideal candidates for residential adaptation. The property’s existing infrastructure is another significant asset; it includes a common courtyard and two levels of abundant covered parking with approximately 308 stalls, providing a valuable amenity that is often a costly and complex addition in conversion projects.

Situated just blocks from world-class amenities, Queen Anne Square offers unmatched walkability to destination venues including Climate Pledge Arena, McCaw Hall, the Seattle Center campus, and a vibrant selection of restaurants, cafés, and boutique fitness studios. This proximity to cultural, culinary, and lifestyle amenities enhances the tenant experience and amplifies the property’s competitive position in the marketplace.

Quality office environments in suburban-urban nodes such as Queen Anne are leading the recovery in Seattle’s evolving office market, with newer and renovated assets capturing outsize tenant demand. Queen Anne Square’s active location combined with flexible, efficiently designed floor plates, position it to outperform as the market continues to rebalance.

Finally, with substantial vacancy and in-demand suite sizes, the property presents investors with the opportunity to design and deliver customizable, market-leading spec suites tailored to today’s tenant requirements and submarket dynamics. This high-caliber, institutional offering provides scale, flexibility, and upside within a proven Seattle submarket, all at an attractive basis.