CBRE, Inc. is pleased to present West Canal Yards, a rare 179,574 sq. ft. repositioned waterfront flex and retail campus located along Seattle’s Lake Washington Ship Canal. The Property combines industrial functionality, maritime creative office suites, surface parking, and select retail and activation potential across a 9.2-acre infill waterfront site positioned between Ballard, Fremont, Queen Anne, and Magnolia.
The asset is not dependent on traditional office demand alone. Existing tenancy and active leasing activity demonstrate demand from advanced manufacturing, technology, maritime, consumer brand, showroom, wellness, creative, and experiential users. The combination of waterfront infrastructure, multi-use zoning, industrial functionality, and outdoor activation potential creates a leasing profile that is difficult to replicate in Seattle.
The lender-facilitated sale process creates the opportunity to acquire the campus at a reset basis after much of the repositioning has already occurred. With approximately 79,800 SF of remaining vacancy, value creation is driven by capitalizing the lease-up, expanding and extending in-place tenancy, and monetizing income streams beyond base rent.
1120 Building | 100% leased, BRINC drone anchored.
1100 Building | flex / retail, 79,800 SF available.
Lender-facilitated sale, post renovation.
101,000+ SF signed since delivery plus 30+ active leasing pursuits.
“ The opportunity is not to create demand, but to capitalize and execute against the demand that has already been identified. ”
875 LF of wharf / moorage plus a 100 LF floating dock, maritime utility, and Passenger Terminal overlay create a waterfront platform that would be difficult to recreate today.
101,000+ SF of leasing, anchored by drone company BRINC, plus 30+ active leasing pursuits in the last 12 months validates demand across multiple tenant categories.
Additional leasing, parking, moorage, events, and beverage opportunities create additional pathways to NOI growth beyond traditional leasing.
Significant adaptive reuse investment has already transformed the campus, reducing physical reposition risk for new ownership.
West Canal Yards captures demand from close-in industrial/flex users, retail/F&B users, and office creative users, supported by supply-constrained market fundamentals.
A reset acquisition basis supports competitive leasing economics and attractive risk-adjusted returns through leasing and value creation.
A differentiated waterfront investment opportunity supported by proven demand and multiple pathways to NOI growth.
Use events, food & beverage, patios, and waterfront programming to create destination value.
Target flex, creative, showroom, production, fitness, maritime, and experiential tenants at the 1100 Building.
BRINC — alongside a diverse in-place rent roll of consumer brand, creative, flexible workspace, and wellness tenants — supports the leasing story.
Prior ownership’s significant investment enables new ownership to stabilize with limited investment on the physical space.
Approximately 79,800 SF of vacancy provides buyers with meaningful embedded NOI growth while existing tenancy generates current cash flow.
Stabilized mixed-use waterfront campus anchored by high-industrial / R&D and retail creates depth for future investors.
The lease-up at the 1100 Building offers flexible suites, industrial styling, and modern interiors in a waterfront setting. Exposed structures, natural light, upgraded common areas, and roll-up-door access create a unique space for businesses seeking functional space and a differentiated employee or customer experience.
“An irreplaceable, repositioned waterfront campus designed for today’s flexible economy.”
Longstanding Ship Canal location with functional industrial bones, wharf infrastructure, and waterfront utility.
Building systems, storefronts, roll-up doors, tenant spaces, common areas, outdoor areas, and site activation improved.
Campus brought to market as a differentiated waterfront flex destination serving a broader tenant universe.
Remaining vacancy creates a clear path to NOI growth through lease-up, tenant mix optimization, and activation.
Upgraded infrastructure, systems, and exterior to deliver a best-in-class tenant experience.
Flexible layouts and amenities that support a diverse range of light industrial, creative, maritime, and retail users.
Enhanced public and private waterfront access with moorage potential and outdoor activation opportunities.
Modern systems, security, and connectivity improve efficiency and support tenant needs.
A clear path to stabilize cash flow, increase NOI, and generate long-term value.
Select activation investments focused on outdoor programming, waterfront improvements, and a thoughtfully curated rent roll will transform West Canal Yards into a destination.
Activate the water’s edge with dining, drinks, and canal views.
Bay doors and flex build-outs offer unique options for food and beverage.
Flexible surface parking transforms into a vibrant event and gathering space after hours.
Places to collaborate, recharge, and connect in the open air.
Industrial chic style & architecture inspires today’s best tenants.
A connected, walkable edge that invites the community and drives foot traffic.
Current tenants and active prospects use the same story: West Canal Yards is an attractive flex-driven waterfront campus enhanced by the repositioning of the asset. A capitalized buyer with a reset basis can translate this demand into continued occupancy growth.
Supply-constrained industrial fundamentals, strong neighborhood retail demand, and the absence of competing creative office product extend the property’s leasing runway and reinforce the investment thesis.
The Property sits at the intersection of Seattle’s innovation economy, working waterfront, and affluent residential neighborhoods, creating demand from operational, consumer, and talent driven users simultaneously.
South Lake Union, U District, and Fremont connect the campus to technology, life sciences, and creative users.
Ballard, Interbay, and the Port support water-related, fabrication, logistics, and aviation/shipyard/airport demand.
Queen Anne and Magnolia provide affluent nearby households that support retail, wellness, food & beverage, and experiential uses.
Together, these demand drivers support a broad tenant universe within minutes of the Property.
Execute the confidentiality agreement to receive the Offering Memorandum and full due-diligence access, or download the teaser brochure for a summary of the opportunity.
