Jonathan Rose Companies > Projects > Vance/Sterling Buildings

The Joseph Vance and Sterling Buildings

Seattle, Washington

Vance/Sterling Buildings

The Joseph Vance and Sterling Buildings are located downtown, close to the light rail transit stop and in walking distance to prime cultural, commercial, and tourist destinations. Built in the 1920’s, the adjacent buildings consist of ground floor retail and office-space above.

Since purchasing the property, the Fund is adding value by up-grading management and leasing practices and making strategic capital investments to improve energy efficiency and environmental performance. At the same time, the overall office Seattle market and the submarket that this building is located in have seen rent increases.

The Fund is re-branding these buildings as the “greenest and healthiest” historic buildings in the marketplace, to increase market awareness of the buildings, attract and retain tenants. Our financial objective is to lower operating expenses while raising occupancy, rents and net operating income, the combination of which should significantly increase the building’s value.

Firm Role
Rose Smart Growth Investment Fund I, L.P.

Construction Type
Rehabilitation of Historic Buildings
Downtown

Commercial/Retail
17,000 square feet of retail
103,000 square feet of office

Property Manager
GVA Kidder Mathews

Leasing Agent
Cushman & Wakefield

Acquisition Cost
$23.5 million
Improvement Costs: $3.5 million

Architect
Zimmer Gunsul Frasca Partnership

Mechanical Engineer
Arup

Structural Engineer
Magnusson Klemencic Associates

Contractor
Turner Construction Company

Year Completed
Renovations in progress