8th + Olive8thandolive.com
Located at the epicenter between the Seattle CBD core and the adjacent and desirable South Lake Union submarket, Talon and its investment partner, Prudential Global Investment Management, acquired this asset in 2015. At the time of acquisition the asset was 84% leased. The asset was perceived as a low-cost commodity building despite its strong location due to its out of date and poorly aligned interior common areas and amenity offering. After investing over $12,000,000 of capital into the building’s infrastructure and common areas, Talon was successful in tenanting the building with creative office tenants that were willing to pay a 25% premium versus the commodity tenant, to offer their employees one of the most dynamic and activated buildings in the market. The asset was sold on Nov 30th, 2017, returning a 26% IRR and 2.0x equity multiple to its investors.