702 Broadway | Tacoma, WA

HIGH GROWTH SUBMARKET
Tacoma is experiencing its long overdue growth revival with major infrastructure, transit, and core improvements well underway to support active multifamily and commercial development projects.

 

EXCEPTIONAL TENANT MIX
The building is a magnet for a variety of professional service tenants requiring physical space in a truly unique office environment including well-established medical, legal, utility, and financial services providers.

 

CONVENIENT LOCATION AND ACCESS
The property benefits from an excellent core location with easy walking access to all Downtown Tacoma amenities, the new Link Light Rail Transit system and direct access to I-5 via multiple convenient on-ramps.

 

MAJOR NEARBY DEVELOPMENTS
The property is positioned in direct proximity to the future Link Light Rail, the Tacoma Town Center mixed-use development, and many other larger scale developments such as Jefferson Flats.

 

LEASE CONVERSION OPPORTUNITY
With most current leases opting for MTM options, there is a significant opportunity to adjust rates to market and implement long-term agreements.

 

HISTORIC TROPHY ASSET
This historic gem showcases timeless architectural features, exuding a sense of character and prestige. The building’s rich history and prime location in vibrant Tacoma add to its allure as a coveted asset.

 

SIGNIFICANT RENTAL UPSIDE
The current average rent is approximately $20.79with market rent estimated at $24-31 NNN, leaving tremendous long-term opportunity for growth.

 

INCOME TAX-FREE STATE
Washington is an income tax-free state.

The Vara Group is pleased to present the sale offering for the premier office property located at 702 Broadway in Downtown Tacoma. The exceptional location of this asset offers businesses a prime opportunity to establish their presence in a vibrant and growing market. This building’s presence on the corner of 7th and Broadway provides unparalleled visibility and accessibility, making it an ideal choice for companies seeking a prestigious address.

 

Spanning across spacious and modern floor plans, 702 Broadway offers flexible office spaces that can be tailored to meet the unique needs of businesses of all sizes. The property’s proximity to key transportation hubs and major highways allows for seamless commuting and convenient access for clients and employees alike. With a rent roll comprised of 33 suites, this property provides tremendous rental upside to improve the current average rent of $20.79 / SF NNN to the submarket average of $28.02.