Second & Spring
Price
Price on request
Market rate estimate — not broker-provided
Cost-of-Business Details
High ConfidenceBased on 10 comparable office sale listings in the area.
| Component | Value | Detail | Source |
|---|---|---|---|
| Base Rent | $30.00/SF | — | direct_comps |
| Utilities | — | 6.9¢/kWh | OpenEI URDB |
| Property Tax | — | 0.0% eff. rate | API Ninjas |
| Labor Index | — | $2728/wk | BLS QCEW |
Source Provenance (1)
| Source | Type | Count | Year | Freshness | Peer |
|---|---|---|---|---|---|
| OpenSearch Listings | comparable_listings | 10 | — | real-time | — |
Description
TIMELESS ARCHITECTURE +MODERN INFRASTRUCTURE Soaring ceilings, open, airy spaces, and ornate detailing spark the imagination and inspire bold thinking and big ideas at 2nd + Spring. The building's location brings a perfect balance of convenience to the work day – at the nexus of the CBD, Pioneer Square, and the iconic redeveloping waterfront, all the perks of downtown Seattle are right at your doorstep. Early twentieth-century design outside and cutting-edge space inside – 2nd + Spring offers a unique canvas to craft your company's image. The classic building has been fully revitalized with culture and has already been the home to home-grown tech titans. Boasting a transit score of 100, the building sits across the street from the University Street light rail stop, walking distance to the Sounder, and is further connected to the greater Seattle area through bus and ferry options. Located just steps from the redeveloping waterfront with 20 acres of lush and dynamic open spaces, rotating events, and a reactivated urban shoreline.
Property description as provided by the listing source. PropZone adds independent market context, valuation estimates, and comparable listings.
Market Context
As of Q2 2025, the Seattle / Bellevue office market showed average asking rents near $51.97/SF/yr, and cap rates around 7.5%. Source: curated:CBRE U S Cap Rate Sur Q2 2025 market report.
Projected current pricing
low confidenceModeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q2 2025 Newmark data (cap rate 7.5%, asking rent held flat).
Compare it against other office listings for sale in Seattle, WA to benchmark pricing and space — view the full market.
Office market FAQ
- What is the typical cap rate for office in Seattle / Bellevue?
- About 7.5% as of Q2 2025, per curated:CBRE U S Cap Rate Sur.
Unified Estimate
High ConfidenceRate-first confidence-weighted blend with cost-of-business adjustment.
Sale Price History
Market report quarterly trend fallbackFIPS 32003
- Avg Rent ($/SF/yr) (market data)
Investment Analysis
Beta Feature: Investment Analysis is currently in beta testing. Metrics are calculated based on available financial data and market comparables. Results are for informational purposes and should not be considered financial advice. Verify all assumptions and consult with a financial advisor before making investment decisions.
Financing Assumptions
Insufficient financial data for full analysis. Add more financial fields to improve metric coverage.
Market Employment Trend
December 2025 • Source: BLS QCEW
Economic Indicators
Source: FRED
Market Demographics
Census ACS 20242024 American Community Survey 5-Year Estimates •Released annually by U.S. Census Bureau
Assumptions
- Interest rate: 6.47% (FRED live)
- Loan term: 25 years
- Down payment: 25.0%
- Market comparison: office in seattle, WA
More Office for Sale in Seattle, WA(4)
Contact Broker
Lisa Stewart
Jim Allison
Charlotte Evans
Listed by
JLL