Nordstrom Tower Medical Condo

Property Overview

Nordstrom Medical Tower is a 14,291 SF full-floor medical office condominium on the 15th floor of Nordstrom Tower in Seattle, WA, built in 1985. The property is connected to Swedish Medical Center via sky bridge and tunnel, and the elevator opens directly into the suite lobby. At the time of sale, the property was 100% occupied by Minor & James under a triple net lease at $34 per square foot in base rent.

Challenge

Our team was engaged to handle both sides of this transaction — representing the seller and the out-of-state buyer, who needed to place proceeds from a prior sale into a qualifying replacement property through a 1031 exchange. The asset was a medical office condominium, a property type with a narrow buyer pool given its specialized use, full-floor configuration, and condominium ownership structure. Securing a buyer who could meet the exchange timeline while also satisfying the seller's pricing expectations required a precise, off-market approach.

Action

Rather than running a broad public marketing campaign, our team structured this as an off-market transaction, matching the seller directly with a qualified 1031 exchange buyer. Prior to closing, the Kidder Mathews leasing team negotiated a new 10-year lease extension with the tenant, Minor & James, including 3% annual rent increases. This lease renewal was central to the transaction: it gave the buyer a long-term, fully reimbursed triple net income stream with no landlord expense obligations, and it supported the seller's asking price.

Result

• Sold off-market at the full asking price of $8,500,000 ($595 per SF)
• 100% occupancy at close with a newly executed 10-year triple net lease in place
• Lease structured with 3% annual rent bumps, providing the buyer with predictable long-term income
• Successfully facilitated a 1031 exchange for the out-of-state buyer
• Swanson King represented both the seller and the buyer in the transaction