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Evergreen Corporate Plaza 33405 8th Ave S 114,707 SF 47% Leased Office Building Federal Way, WA 98003 $9,350,000 ($81.51/SF)
Executive Summary
Evergreen Corporate Plaza is a 114,408 square foot office building sitting on three parcels totaling 10.41 AC. The asset is currently 81% occupied and would be an excellent value-add investment or owner/user opportunity. Value add investors have the opportunity to acquire one of the largest buildings in Federal Way at a low basis, and capture upside through leasing out the vacant suites.
The project also appeals to owner/users given the flexibility to occupy up to 61,904 SF, offsetting cash flow with long-term Leases to credit Tenants on the two occupied suites. Evergreen Corporate Plaza is located off of 336th & 8th in the West Campus office hub of Federal Way. With easy access to Hwy 99, I-5, and Hwy 18, the location is ideal from a transportation/commuting perspective.
Property Facts
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Credit Corp Services
- Finance and Insurance
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- Finance and Insurance
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Founded in 1921, HomeStreet Bank offers consumer and commercial banking, mortgage lending and loans for residential construction, commercial real estate financing, and insurance products and services on the West Coast and Hawaii. At HomeStreet Bank, they’re driven to enrich the lives of their customers and communities through intentional relationships, consistent integrity and financial expertise.
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- Health Care and Social Assistance
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- Triple Net
- May 2021
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| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Credit Corp Services | Finance and Insurance | - | - | - | - | |
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Finance and Insurance | - | - | - | - | |
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Health Care and Social Assistance | - | - | Triple Net | May 2021 |
Property Taxes
| Parcel Number | 926500-0060 | Improvements Assessment | $3,364,800 |
| Land Assessment | $4,984,200 | Total Assessment | $8,349,000 |
Property Taxes
