Seattle, Washington – The 1031 Exchange is a provision with the IRS that allows an investor to defer the taxes on a commercial property sale as long as the exchange is for one investment property of “like kind”. Tax is not due until the commercial property investor sells the 1031 exchange replacement Property without using a 1031 Exchange. There is no limit to the number of 1031 exchange transactions a commercial property investor can complete, so it is possible to defer the payment of tax indefinitely.
Taxes play a major part of any investment when you are preparing for a sale. The 1031 Exchange is a very attractive option for a commercial real estate investor to build wealth. Also commercial real estate investors might consider a 1031 exchange of multiple properties wherein a greater proportion of the gain can be deferred than if the transaction were structured as several separate exchanges.
We have Commercial Property information this evening on an area that is prime for a 1031 Exchange replacement property. This area is Seattle, a very beautiful and exciting City. The recent Commercial Property news is on Amazon.com, one of the survivors from the .com Financial collapse. The successful online retailer, Amazon.com has signed a lease on approximately 459,843 square feet in downtown Seattle. The lease is at the Commercial Property known as 1918 Eighth Avenue.
This Commercial Property, 1918 Eighth Avenue was completed in 2009. The Commercial Real Estate development has a total of approximately 667,976 square feet of leaseable space. This Commercial Property is a Class A High Rise in the Denny Triangle – South Lake Union neighborhood. This business zone connects the Retail District to Seattle’s South Lake Union neighborhood. The South Lake Union area is home to heavy hitters such as Microsoft, Group Health and Cole and Weber. This Seattle are also houses major life sciences research and global health institutions such as UW Medicine and Seattle Biomed.
This area of Downtown Seattle’s is one of the fastest growing areas even in a down economy. This vibrant Seattle neighborhood has a unique mix of professional and pleasant residential homes. The Commercial Property at 1918 Eighth Avenue is surrounded by state-of-the-art condominiums, plenty of luxurious hotels and a variety of excellent restaurants. This major metropolitan area is excellent for a 1031 Exchange replacement property. Also, Tenants in common (TIC) investments can qualify as a 1031 exchange replacement property.
Schnitzer Investment Corp. owns the Commercial Property, which is a 36-story office tower. This Commercial Property was designed by NBBJ and was awarded LEED Gold Core & Shell certification from the U.S. Green Building Council recently. The Seattle Commercial Property was built with each floor averaging about 20,000 square feet of space. The Commercial Property was designed with the notion for productive spaces, gorgeous views, and innovative high-tech technology. This 1031 Exchange Candidate is viewed as the tallest building in Seattle’s business district. There is plenty of daytime retail foot traffic to benefit net lease properties in this area.
NBBJ is a global architecture, planning and design firm. This architecture firm has offices in Beijing, Boston, Columbus, Dubai, London, Los Angeles, New York, San Francisco, Seattle, and Shanghai. The architecture firm was founded in 1943 by excellent Seattle architects Floyd Naramore, William J. Bain, Clifton Brady, and Perry Johanson. This well known architecture firm was originally called Naramore, Bain, Brady & Johanson.
Other tenants at this Commercial Real Estate development include RBC Wealth Management with 33,783 square feet, Parametric Portfolio Associates with 38,300 square feet and Hagens Berman Sobol Shapiro LLP in 19,100 square feet. We found through research that this Seattle Commercial Property is about 94% net leased with Amazon.com getting the new lease. This occupancy rate is another point to consider for any future 1031 Exchanges with Office Buildings.
Commercial Real Estate development amenities:
• Professional concierge
• Outdoor plaza
• Excellent Coffee shop and bistro
• Six levels of convenient underground parking
• Quality Fitness center
• Bike storage and showers for commuters
Nearby Business services for 1918 Eighth Avenue:
• Dozens of fine dining restaurants
• Various business-class hotels
• The Washington State Convention and Trade Center
• Plenty of parking garages and surface parking lots
• Light rail terminal and bus tunnel
• Daycare center across the street
Are you searching for 1031 Exchange Properties?
O’Reilly Commercial Realty LLC
Phone: (352) 237-2222
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