Property Details

The Old Rainier Brewery is a 181,453-square-foot creative mixed use campus comprising 24 adjoined buildings at 3100 Airport Way South, the former Rainier Brewery and one of Seattle’s most recognized industrial landmarks. The offering is positioned for investors seeking durable, granular in-place income from a differentiated creative asset, together with two identifiable paths to further NOI growth. The finished space is approximately 91% leased across a diversified tenant base of live/work lofts, creative office and flex users, and retail, anchored by Groove Universe, an operator of soundproof recording and rehearsal studios, and Little Red Day Spa, a full-service spa, with additional frontage income from a drive-thru coffee tenant.Current ownership has invested approximately $19.0 million during its hold, the substance of which addresses the building’s most capital intensive systems. Roughly $12.2 million funded the abatement of legacy PCB conditions (remediation complete, final regulatory closure in process), and approximately $6.8 million funded building and tenant improvements: structural buildout of rentable space, new sprinkler and utility-metering systems, removal of the former tank farm, replacement of roofs and plumbing lines, elevator overhauls, and interior renovations across the retail, spa, studio, and live/work components. In combination with prior seismic upgrades, this capital materially de-risks the physical plant and allows a buyer to underwrite operations and lease-up rather than base-building expenditure. The tenancy is intentionally granular and use-diverse, which both diversifies income and reflects sustained, hard-to-replicate demand for creative space at this scale within the Seattle market.Two levers support forward returns: 23,427 square feet of unfinished shell space is positioned for conversion to additional live/work lofts, with the Master Use Permit in process, and a meaningful share of the rent roll, approximately 22% of leased space, currently sits on holdover or near-term expiration, providing mark-to-market and lease-up upside on renewal. The result is a stabilized, income-producing creative campus with a clear, self-directed path to value creation.