First & Union 1401-1435 1st Ave

The Offering provides the opportunity to acquire the commercial condo portion of the preeminent First & Union Building (“the Property”) located in downtown Seattle’s Pike Place Market neighborhood. The Property sits at the highly trafficked hard corner of 1st Avenue and Union Street, one of the city’s busiest intersections and directly attached to the Pike Place Market, which attracted over 10M visitors in 2023, 4% higher than 2022 and matching pre-COVID highs. The Property also sits at the confluence of local artist Norie Sato’s new Western Ave staircase and elevated sidewalk which connects Union Street to Seattle’s transforming waterfront. Nearby attractions such as the Four Seasons, Seattle Art Museum, Benaroya Hall, The Showbox, Miners Landing, Seattle Aquarium, and Great Wheel provide added draw to the immediate area. The Property is 69% leased to 10 tenants with new leases executed by Vampire Penguin, De’Core, and Plantiful in 2024. The remaining vacancy is the coveted 2,867 SF hard corner adjacent to the Four Seasons Hotel and 12,265 SF lower level previously used by Pike Brewing for manufacturing purposes. The available space provides significant value-add or owner-user opportunity.. The Property is anchored by Pike Brewing Company, an established tenant that has resided at the Property over 13 years with a recent 14-year recast of their lease completed in 2021. Other tenant uses are primarily boutique retail, art, and business professional services.