Kauri Acquires First West Building

First West Building is located at 200 First Ave. W., near the confluence of Western Avenue and Denny Way. Amenities include outdoor decks off tenant spaces and views of Elliott Bay. Sally Patterson and Dan Stutz with CB Richard Ellis represented Kauri in the transaction and also will also handle leasing.

Englewood, CO-based GDA Real Estate Services acquired the building in 2000 for $12.75 million. At the time of acquisition--the top of the market--42,000 sf was available, most of which had been relinquished by seasonticket.com, the defunct locally based online sports broadcasting company.

Kauri plans to computerize the HVAC systems, install new energy efficient lighting and remodel all common areas, making it "far more energy efficient as well as more attractive," says Kauri president Kent Angier.

Patterson tells GlobeSt.com that parking is in two secured garages and a surface parking lot, and that the largest tenant is Washington Surveying and Rating Bureau, which occupies about 9,000 sf. Other tenants include Washington Biotechnology and Biomedical Associates, Express Matrix and an executive suites business.

The full-service asking lease rate for space in the building is $20 per sf. The largest contiguous availability is 9,374 sf on the first floor, the bulk of which has been available since 2002, according to officespace.com.

Kauri, which has developed or substantially rehabilitated nearly 2,000 housing units, has diversified into mixed-use residential and commercial properties. Projects include renovation of a 300,000-sf warehouse building, two hotel/residential projects and a 21-unit townhouse development. Most recently, it completed the Luminaire Condominiums project in Seattle's Lake City neighborhood.