| Building: | The Seaboard Building |
| Location: | Downtown Seattle |
| Client: | Pine Street Group |
| # of Homes: | 24 plus office below |
| Year Completed: | 2002 |
| # of Stories: | 4 stories of condominiums above 5 stories of office & retail |
Challenge
Built in 1904 in the heart of downtown Seattle's Westlake Center, the Seaboard was the original Nordstrom Corporate Office Tower. The developer sought Williams Marketing's opinions and recommendations in converting the building to condominium homes from its former use as office space. The building has no parking and a very small lobby and was vacant in 2000 when we were hired to do the feasibility. There was no residential housing in the heart of downtown Seattle when we took this assignment.
Solution
Following an intensive market research study, Williams Marketing concluded that, despite its obstacles, the upper portion of the building could be converted to marketable condominium homes. Through the recommendation of Williams, the developer converted the office space on floors 7 through 10 and was able to add a penthouse floor plus fill in the U with an additional stack of homes on the alley side of the building. We secured parking leases at nearby garages for buyers that were nervous about where to park their cars. The marketing campaign focused on the building's rare, historic features and the true "New York" loft-style home and urban lifestyle this location offered. These were high-end sophisticated homes that would appeal to a very small and affluent market. A specialty-marketing campaign was launched to attract those buyers.
Results
Immediately following a "pre-sale" launch in the building's raw space which showcased its high ceilings and historic charm, Williams secured approximately 70% of the homes in contract. All inquiries were by appointment only offering exclusivity to the campaign and allowing us to attract the type of buyer that we could show this most unusual space to get them emotionally involved in their home. At the completion of the marketing campaign, the community exceeded its original pro forma.