The team spent only two weeks doing due diligence before they were ready to buy pending President Michelle Foreman Barnet’s final review. Knowing that a tentative buyer would likely fall out of contract by 2 p.m. on December 18, 2005, Barnet toured the property the same day. Fortified with her advisors’ reports and the results of her tour, at 4 o’clock Barnet signed a contract with a reasonable offer including a substantial nonrefundable deposit, and requested a meeting with the seller.
By 9:30 p.m. the same day, the seller had accepted the offer and signed the contract.
S U C C E S S S T O R I E S
Waterworks Marina and Offices
Decisive action results in quick acquisition
50,000 square feet of Class B office space
108 boat slips
Waterworks is on south Lake Union and has 50,000 square feet of office space, 75 tenants and 108 boat slips. Within two weeks of learning the property was on the market, CWP had assembled their team of advisors who inspected the dock pilings, building construction, and maintenance, and evaluated all financial aspects of the operation including cash flow and needed capital improvements.
