Plaza 600 — The 600 Building — AGM Real Estate Group

The property

Building exterior

Photography from the offering memorandum will be placed here

Summary

A 20-Story Tower in the Denny Triangle

Plaza 600 is a 217,322 SF Class A office tower at Stewart Street, 6th Avenue, and Westlake Avenue, between the downtown retail core, South Lake Union, and Amazon's global headquarters. Built in 1969 and renovated from 2023 through 2026, the building carries a $16.8M capital program completed since 2020 and a diversified roster of 17 tenants.

Newmark is marketing the fee-simple interest for sale on behalf of ownership, unpriced and as-is. The building is 51.2% leased with a weighted average lease term of 5.1 years, so the acquisition case rests on leasing the remaining 99,859 SF of vacancy.

Address

600 Stewart St, Seattle

Rentable area

217,322 SF (BOMA)

Floors

Average floor plate

11,600 SF

Leased

51.2%

Built / renovated

1969 / 2023-2026

Site

0.49 acres · DOC2-300

Parking

123 stalls (0.6 / 1,000 SF)

Walk / Transit Score

100 / 100

Newmark Offering Memorandum, May 2026. Leased percentage excludes Harris Bricken, which vacates at its October 2026 expiration.

Gallery

Inside the Renovated Building

The 2023 lobby reposition added a conference center, bike room, and new elevator cabs. Narrative Coffee opens on the lobby level in Q3 2026.

Lobby

Renovated lobby and lounge

Conference center

Updated conference rooms, lobby level

Bike storage

Bike room with showers, lockers, and Pelotons

Retail

Narrative Coffee, Suite 101

Views

Skyline, Space Needle, and Amazon Spheres from upper floors

Elevator cabs

Refinished cabs from the lobby program

Scroll sideways for more. Click any frame to enlarge. OM photography to be dropped into these slots.

Floor plans

Plates and Stacking

Side-core configuration with an 11,600 SF average plate. Floors 3, 4, 10, 14, and 17 are single-tenant floors; the balance splits into suites from roughly 1,000 to 8,600 SF.

Floor 1

Lobby, conference rooms, bike storage, retail

Typical tower floor

11,600 SF side-core plate

Floor 18

Amenity floor with wellness, game area, and conference space

Floor 20

Penthouse floor, 15 ft clear heights

Parking B1 / B2

Two subterranean levels, including the Hotel Max stalls

Stacking plan

Full 20-floor stacking plan from the OM

Floor plan graphics from the OM to be placed here. Full plans, floors 1 through 20, are in the document center.

Location

Stewart & 6th, Center of the Denny Triangle

The building sits steps from the Westlake Center light rail and monorail stations, the South Lake Union streetcar, and multiple bus lines. Amazon, Google, Nordstrom, Meta, and Apple all employ within the surrounding blocks.

100

Walk Score and Transit Score, both perfect

60+

dining choices within four blocks

50+

apartment buildings within walking distance

hotels within four blocks

Half-mile radius	Value	King County
Population, 2025	36,549	2,366,841
Average household income	$194,132	$187,096
Graduate or professional degree, age 25+	77.9%	59.1%
Existing multifamily units	24,066	—

Demographics from the OM market snapshot, 1Q 2026.

Parking

123 Stalls Across Two Garage Levels

Component	Stalls	Detail
On-site garage	70	Two subterranean levels
Licensed from Hotel Max	48	22 on P1, 26 on P2 · license through December 2053
Surface, alley	5	Guest parking
Total	123	0.6 stalls per 1,000 SF

Rates and area comparison

Monthly parking is $370 per stall. The Hotel Max reset formula pegs the local market daily rate at $14.00, set March 2025 through February 2030. The 0.6 per 1,000 SF ratio is low against suburban product but typical for a CBD tower served by perfect transit access. A CoStar pull of area garage rates is on the diligence list to confirm the parking revenue assumptions.

Hotel Max license

Flag for diligence

48 of 123 stalls depend on a third-party license that resets every five years at market daily rate × 1,144 × 90%, currently $14,414 per month. Disputed resets go to appraisal arbitration. Full terms on the Contracts page.

Systems

Key Building Systems

System	Description
Structure	Concrete and steel; concrete over metal deck floors; side-core, 18'8" column spacing
HVAC	Steam-loop perimeter heat with induction boxes; water-cooled chillers with VAV distribution. Chiller replaced 2022, cooling tower rebuilt 2026, BAS controls upgraded 2025
Electrical	277/480V three-phase service, 6,000 amp capacity
Fire / life safety	EST-3 addressable panel; wet standpipe installed 2023 with electric fire pump for future full sprinkler coverage
Emergency power	600 kW generator serving safety and support systems
Roof	Duro-Last single-ply PVC membrane
Security	Card-key access, on-site security, camera server upgraded 2020
Utilities	Seattle Public Utilities (water, sewer) · Seattle City Light · Centrio steam · CenturyLink

The building is Fitwel Viral Response certified. No property condition assessment or environmental report was included in the OM; both are on the request list.

Claim review

OM Claims Against AGM Diligence

Each material claim in the selling materials, checked against AGM's own research. One figure in AGM's prior file was wrong and is corrected below.

Claim	OM / flyer position	AGM position	Status
Occupancy	51.2% leased, 99,859 SF vacant	AGM's prior file, built from public sources, said ~91% leased. The OM figure governs; the prior figure is retired	Corrected
Vacancy framed as upside	"Immediate upside through lease up"	Implied vacancy of ~48.8% runs above the submarket (33.2%) and the CBD (32.2%). Underwrite as lease-up risk, not a discount	Scrutinize
Capital program	$16.8M ($77/SF) invested since 2020	Itemized and dated project by project. Verified as genuine; it materially de-risks near-term building capital	Verified
Ownership and recapitalization	Flyer: local ownership recapitalized in 2024	AGM public records show URG acquiring in 2012 and a ~$97M BentallGreenOak recap in 2019. Two events or a date error; confirm with the listing team	Open
36-month lease-up	78,073 SF absorbed over 36 months	The central underwriting question. Nearly 4x NOI growth depends on it; press on why lease-up has lagged despite the capital program	Scrutinize
Supply pipeline	Zero spec office developments underway in Seattle	Consistent with market data; supports rent stabilization but does not by itself produce absorption	Reasonable
Go-forward reserves	$0.20/SF/year capital reserves	Modest against the pace of the last six years. Ask what capital plan carries forward post-sale	Scrutinize

Sources: Newmark OM (May 2026), JLL leasing flyer, AGM asset management briefing (July 31, 2026).

Vacancy

Where the Building Sits in Its Submarket

Submarket	Inventory (SF)	Avg Class A rent	Direct vacancy
Belltown / Denny Regrade	5,802,662	$44.58	33.2%
Seattle CBD	32,436,278	$51.01	32.2%
Lake Union	12,936,186	$66.54	17.1%
Pioneer Square / Waterfront	6,407,929	$49.47	29.8%
Downtown Seattle, all	71,801,770	$52.65	27.0%
Plaza 600, implied	217,322	—	~48.8%

Submarket map

Downtown Seattle submarket map with vacancy by district

Submarket figures from the OM's 1Q 2026 snapshot. AGM will reconcile these against a direct CoStar pull during diligence; the conclusion holds either way: the building is running roughly 15 points above its own submarket's vacancy.

Economy

Seattle Economic Trends

4.4%

unemployment rate, May 2025 (BLS)

4.2M

Seattle-Tacoma-Bellevue population

20%

population growth since 2010

49.2%

of population holds a bachelor's degree or higher

Downtown recovery

Improving

March 2026 visitors reached 93% of 2019 levels. Average weekday worker foot traffic in 2025 was about 145,000, up nearly 4% over 2024 but still 64% of 2019. Occupied downtown apartments hit roughly 61,500, up 30% versus Q1 2019.

Rent position

Discount market

Downtown Seattle Class A asking rents average $52.65, well below New York ($84.60), San Francisco ($73.69), and West LA ($69.94). Occupancy cost remains a draw for relocating and expanding tenants.

2026 catalysts

Near-term

Six FIFA World Cup matches at Lumen Field in summer 2026, the 2 Line light rail connection to Bellevue, and the completed waterfront program all concentrate activity downtown.

AGM read

Context

The recovery data is real but citywide. It does not remove the building-specific question: this asset has leased slower than its own submarket through the same recovery.

Demand

Tech-Sector and Employment Assumptions

AI demand thesis

The OM cites 3-4M SF of active AI tenant requirements looking beyond San Francisco, with Seattle ranked #2 for tech and AI talent. Recent AI deals in the region run from 35K to 330K SF.

Small-tenant segment

Since 2022, 82% of Seattle CBD lease transactions were below 10,000 SF. Plaza 600's average tenant is 6,497 SF, which matches the most active demand segment.

Supply

Zero speculative office projects are under construction in Seattle, which favors existing inventory as demand normalizes.

AGM position

Partial agreement

The demand drivers are directionally supported. What they do not establish is this building's capture rate. The OM's own submarket runs 33% vacant; AI requirements skew to Lake Union and Bellevue product. Treat tech absorption as upside, not base case.

Policy

City Policies and Taxes

What the OM shows

Year 1 real estate taxes of $498,555 ($2.31/SF) include property tax plus MID and LID assessments (Tunnel and South Lake Union). The Waterfront LID was prepaid in full by ownership and is excluded from cash flow, but continues to be recovered from tenants over the original 20-year assessment period.

What AGM will evaluate

Open

The OM does not address city tax policy affecting tenant demand. AGM will assess the Seattle payroll expense tax and B&O tax burden on prospective office occupiers, plus any pending levies, as part of the lease-up underwriting.

Open items

Key Questions for the Walk-Through

What has held lease-up back?

A 51%-leased building above its own submarket's vacancy, despite $16.8M of capital. Press on the realism of the 36-month lease-up assumption. Source: OM cash flow, AGM briefing.

Which recapitalization is correct?

2019 BentallGreenOak (~$97M, public record) versus 2024 (JLL flyer). Confirm with Newmark (Shannon, White, Nicholls) or JLL (Harvey).

What capital plan continues post-sale?

Reserves are modeled at $0.20/SF/year after six years of heavy investment. Ask what the next capital cycle looks like, particularly structural and major mechanical systems not touched since 2020.

Does a PCA or environmental report exist?

Neither was included in the OM. Request both before pricing.

How is the seller handling near-term renewals?

Five occupied tenants roll within roughly two years, led by Emery Reddy at 11,501 SF. Ask which have signaled renewal intent through the sale process.

The offering

Unpriced, As-Is, Buyer Underwrites

Newmark is offering the fee-simple interest with no stated asking price. The value gap between in-place and stabilized income is the deal: NOI nearly quadruples if, and only if, the vacancy leases on schedule.

Asking price

None stated

As-is, where-is offering

In-place NOI

$1.33M

$6.14/SF · Oct 2026 annualized

Stabilized NOI, Yr 4

$5.19M

$23.90/SF · at 88.7% occupancy

Reference basis

$900-1,000/SF

OM's cited replacement cost; prior peak ~$600/SF

Deal documents

What We Have and What Is Outstanding

Document	Detail	Status
Offering Memorandum	Newmark, May 2026, with rent roll and 10-year cash flow	Received
Leasing flyer	JLL, building amenities and positioning	Received
Purchase and Sale Agreement	Draft PSA to be issued through the sale process	Requested
Feasibility materials	PCA, environmental, structural; none included in the OM	Requested
Loan commitment / financing	None stated. Unpriced offering; buyer arranges debt. Newmark debt team is a listed contact	Open
Argus model and 2024-2026 operating statements	Underwriting support behind the OM projections	Requested

Projections

The OM's Numbers

In-place vs. stabilized

	In-place (Oct '26, annualized)	Stabilized (Yr 4, Oct '29 - Sep '30)
Occupancy	51.2%	88.7%
Effective gross revenue	$4,649,559	$9,206,375
Total operating expenses	($3,324,408)	($4,016,153)
Net operating income	$1,325,151 ($6.14/SF)	$5,190,221 ($23.90/SF)

Four-year cash flow, per the OM

Year ending	Occupied	EGR	NOI	TI + LC + reserves	Net cash flow
Sep 2027	53.8%	$4,656,412	$1,286,003	($1,676,687)	($390,684)
Sep 2028	65.9%	$5,592,605	$2,031,319	($4,395,002)	($2,363,683)
Sep 2029	81.2%	$7,517,324	$3,704,109	($4,579,980)	($875,871)
Sep 2030	88.7%	$9,206,375	$5,190,221	($130,876)	$5,059,346

Net cash flow is before debt service. Years 1 through 3 run negative on roughly $10.7M of tenant improvements and leasing commissions; a buyer funds about $3.6M of cumulative negative cash flow before the building carries itself.

Assumptions

Five-Year Retenanting Assumptions

Lease-up

Vacant SF absorbed78,073 SF
Absorption window36 months
Static vacancy (not leased)~21,800 SF
Renewal probability65%
General vacancy10% of gross revenue

Economics

Market rent growth3% / year
Expense growth3% / year
Downtime8-12 months
Free rent5-10 months
Capital reserves$0.20/SF/year

2026 market rents, tenant improvements, and leasing commissions

Space type	Market rent	TI, new	TI, renewal	Leasing commission
Retail	$35.00 NNN	$150.00/SF	$30.00/SF	6.0% new · 3.0% renew
Office, floors 2-5	$38.00 FSG	$75-105/SF	$35-50/SF	$17.50-24.50/SF
Office, floors 6-14	$41.00 FSG	$60-105/SF	$30-50/SF	$17.50-24.50/SF
Office, floors 15-19	$43.00 FSG	$50-105/SF	$30-40/SF	$17.50/SF
Office, floor 20	$48.00 FSG	$50.00/SF	$30.00/SF	$17.50/SF

TI ranges span partial-floor and full-floor deals across the OM's two finish generations. Commissions are $17.50/SF for partial floors and $24.50/SF for full floors, new and renewal.

Seller credits

Credits at Close

The seller credits outstanding contractual free rent and tenant improvement obligations, subject to change with the closing date.

Item	Amount
TI allowance, Regus	$466,060
Free rent, Clark Construction (partial abatement, 7/26-6/28)	$88,370
Free rent, Regus (50% abatement, 10/26-12/26)	$84,004
Free rent, Hyve	$61,627
Free rent, Change Healthcare	$29,294
Free rent, Luong Law	$11,734
Total anticipated seller credits	$741,088

Cost outlook

Material and Labor Exposure

What the model assumes

All expenses and market rents grow 3% per year. The only contract-level cost protection identified is Clark Construction's 4% cumulative cap on controllable expenses, which sits on the tenant side.

Where the exposure sits

Test

Roughly $10.7M of TI spend over years 1-3 is the main exposure to Seattle construction cost inflation. AGM will test the $60-150/SF allowances against current fit-out pricing before relying on the OM's capital schedule.

Position

Risks and AGM's Position on the Projections

Capital condition

Agree

The $16.8M program is itemized, dated, and covers the chiller, cooling tower, BAS, sprinkler standpipe, lobby, and corridors. Near-term base-building capital is genuinely de-risked.

Rent assumptions

Broadly agree

Market rents of $38-48 FSG sit below the CBD Class A average of $51.01, and in-place rents average 8.3% below the OM's own marks. The rent marks are defensible.

36-month lease-up

Disagree as base case

Absorbing 78,073 SF in three years in a 32% vacant CBD is the entire deal. AGM will underwrite slower absorption and price the negative-carry years accordingly.

Capital reserves

Understated

$0.20/SF/year is thin for a 55-year-old tower, even freshly renovated. Structural and major mechanical items outside the recent program need their own reserve line.

Negative carry

Plan for it

About $3.6M of cumulative negative cash flow through year 3, before debt service. Financing structure must fund TI, commissions, and carry, not just the purchase.

Management fee benchmark

Noted

The OM underwrites a 3.0% of EGR management fee, a useful benchmark if AGM scopes a management proposal for this asset in any deal structure.

The roster

Seventeen Tenants, 5.1 Years of WALT

tenants, averaging 6,497 SF each

5.1 yrs

weighted average lease term

99,859 SF

vacant, 46% of the building

8.3%

average in-place rent below the OM's market marks

Stacking plan

20-floor stacking plan, color-coded by expiration year

Rent roll

Leases by Suite

Every occupied suite, from the OM rent roll. Each lease gets its own folder in the document center as lease files arrive.

Suite	Tenant	SF	Start	Expires	Rent PSF/yr	Vs market
101	Narrative Coffee	1,561	7/1/26	6/30/36	Percentage rent¹	—
202	WA Council for Behavioral Health	1,862	1/1/07	5/31/27	$47.27 FSG	+24.4%
300 / 400	Regus	23,302	4/1/15	6/30/31	$28.84 FSG	−24.1%
600	Independent Colleges of Washington	2,174	10/1/03	4/30/31	$41.20 FSG	+0.5%
601	Collabera	4,081	5/1/25	5/31/28	$39.14 FSG	−4.5%
628	Luong Law Firm	1,134	11/1/05	12/31/29	$39.00 FSG	−4.9%
800	Practice Management Sublet: EA Engineering	5,764	9/29/21	2/29/32	$53.32 FSG	+30.1%
900 / 902	Change Healthcare Solutions	8,081	10/1/14	7/31/30	$42.23 FSG	+3.0%
901	HKM Employment Attorneys	3,203	4/1/14	7/31/30	$40.00 FSG	−2.4%
1100 / 1101 / 1116	Emery Reddy	11,501	5/1/16	12/31/27	$21.91 FSG	−46.6%
1200 / 1201	Harris Bricken Vacating 10/26	5,582	10/1/13	10/31/26	$50.00 FSG	—
1300	Burdette Riordan Ellis Wenokur	3,037	10/1/10	10/31/28	$40.17 FSG	−2.0%
1400 / 1600	Sazan Group	19,176	3/22/10	12/31/36	$39.14 FSG	−4.5%
1500	Eims Tedrow and Ladenburg Sublet: Tyson & Mendes	4,381	3/27/13	1/31/28	$45.02 FSG	+4.7%
1503	CCS Fundraising	1,203	11/28/23	12/31/26	$41.91 FSG	−2.5%
1512	Hyve	3,546	12/1/14	5/31/33	$40.00 FSG	−7.0%
1700	Clark Construction	11,645	7/1/26	6/30/33	$43.50 FSG	+1.2%
2000	Hightower	4,841	3/21/24	3/31/29	$49.00 FSG	+2.1%

¹ Narrative Coffee pays 6% of gross sales for months 1-36; base rent starts month 37, capped at $38.00/SF NNN. "Vs market" compares in-place rent to the OM's 2026 market rent for the space; negative means below market. Portfolio average: $37.54 in place against $40.91 market.

Rollover

Expiration and Renewal Timeline

Expiration schedule

Year 1 (Sep '27)8,647 SF · 4.0%
Year 2 (Sep '28)19,963 SF · 9.2%
Year 3 (Sep '29)7,878 SF · 3.7%
Year 4 (Sep '30)12,418 SF · 5.8%
Year 5 (Sep '31)25,476 SF · 11.8%
Cumulative by Year 534.5%

Notices given

One vacate

Harris Bricken (5,582 SF, floor 12) vacates at its October 31, 2026 expiration and is already excluded from the 51.2% leased figure. No other vacate notices are disclosed in the OM. Renewal intent among the near-term expirations is a walk-through question for the seller.

Occupied tenants expiring within roughly two years

Tenant	SF	Expires	Remaining term
CCS Fundraising	1,203	12/31/26	0.2 yrs
WA Council for Behavioral Health	1,862	5/31/27	0.7 yrs
Emery Reddy	11,501	12/31/27	1.2 yrs
Eims Tedrow and Ladenburg	4,381	1/31/28	1.3 yrs
Collabera	4,081	5/31/28	1.7 yrs

Lease terms

Termination Rights, Caps, and Notable Provisions

Tenant	Provision	Detail
Emery Reddy	Landlord termination right	Landlord may terminate all suites on six months' written notice. A meaningful repositioning lever on the largest below-market lease
Clark Construction	Tenant termination + expense cap	One-time termination at month 60 on 12 months' notice. Controllable expenses capped at 4%, cumulative and compounding
Narrative Coffee	Sales-test termination	One-time right at month 67 if gross sales stay under $900K in any 12-month period during months 13-60; 180 days' notice plus a fee
Regus	Credit and exclusivity package	$650K letter of credit stepping down to a $266,240 floor. Prior COVID-era rent restructure with deferred rent still repaying from gross revenue. Exclusive executive-suites provider; landlord may not lease spaces of 750 SF or less for terms under six months
Practice Management	Full sublease	Entire premises subleased to EA Engineering; subtenant may terminate after month 60 on six months' notice
Eims Tedrow	Full sublease	Entire premises subleased to Tyson and Mendes for the remaining term
Sazan Group	Expansion rights	First right to lease and ROFR on floors 13, 15, and 17; gave back suites 1605 and 1610
Hightower	Management fee cap	Management fee recovery capped at 5% of gross receipts
Change Healthcare	ROFO + abatement	One-time right on adjacent 9th-floor space; May rent abated 2025-2027

Operating expense structure is full service gross over a base year for all office tenants; Narrative Coffee reimburses only taxes and insurance beginning month 37. Standard escalations are 3% per year across the roster.

Credit

Guarantees and Tenant Risk Profile

Tenant	Guarantee / credit support
Regus	RGN-Group Holdings guarantee + $650K letter of credit
Hyve	TD Synnex Corporation (corporate guarantee)
Emery Reddy	Personal: T. Emery, L. Burman, P. Reddy
Narrative Coffee	Personal: A. and H. Sciarrotta
Luong Law Firm	Personal: Susan Luong
HKM Employment Attorneys	Heyrich Kalish McGuigan
Eims Tedrow	Personal: Kathy Eims, Michael Graham

Anchors

Strength

Sazan Group (19,176 SF through 2036), Clark Construction (11,645 SF through 2033), and Change Healthcare, an Optum / UnitedHealth subsidiary, give the roster real term and credit. No tenant exceeds 11% of the building.

Watch items

Monitor

Regus is 11% of the building with a restructure history and deferred rent. Two suites are fully subleased, so the paying occupants differ from the named tenants. Emery Reddy is 46.6% below market and rolls in 1.2 years.

Findings

Lease-Level Findings

Emery Reddy is the pivotal lease. 11,501 SF at $21.91 against a $41.00 market, expiring 12/31/27, with a landlord termination right. Renewal at market, re-let, or early recapture are all realistic paths; each moves NOI materially.
The two subleases need estoppels from both layers. EA Engineering and Tyson and Mendes are the actual occupants of suites 800 and 1500. Confirm sublease terms, consent documents, and any recapture rights.
Regus economics need a full file review. Deferred rent from the 2021-2023 restructure is still repaying from gross revenue and is not modeled in the OM's Argus run. The $466,060 outstanding TI is a seller credit at close.
Free rent is scattered through 2029. Luong, Hyve, Clark, and Change Healthcare all carry future abatement months. Verify the seller credit schedule captures every one as of the actual close date.
Lease files are not yet in hand. The rent roll above is from the OM. Full leases, amendments, guarantees, and estoppels are on the request list and will file into the document center by suite.

Contract register

Service Contracts on File

The OM references contracted services in its expense build-up but includes no vendor agreements. Only the Hotel Max parking license is abstracted. Everything else is a document request.

Contract	2026 budget	Term / renewal	Status
Parking license, Hotel Max	$14,414 / mo fee	Through 12/22/2053 · 5-year rate resets	Abstract received
HVAC service contract	$112,013	Not disclosed	Requested
Elevator service contract	$103,811	Not disclosed	Requested
Janitorial contract (incl. day porter, windows)	$399,655	Not disclosed	Requested
Security patrol contract	$318,690	Not disclosed	Requested
Parking operator / equipment	Within R&M	Not disclosed	Requested
Landscaping, interior and exterior	$33,712	Not disclosed	Requested
Fire / life safety monitoring	Within security	Not disclosed	Requested
Steam supply, Centrio	Within utilities ($626,192)	Utility service	Confirm terms

Budget figures are Year 1 projections from the OM's 2026 operating budget; total operating expenses are $3,370,409, or $15.60/SF.

Parking agreement

The Hotel Max License in Full

Terms

Stalls48 (22 on P1, 26 on P2)
TermThrough Dec 22, 2053
Current fee$14,414 / mo
Fee fixedMar 2025 - Feb 2030
Reset formulaDaily rate × 1,144 × 90%
Current daily market rate$14.00

Why it matters

Long-dated dependency

Thirty-nine percent of the building's parking depends on a third party for the next 27 years. Resets recur every five years; if the parties cannot agree, the rate goes to appraisal arbitration. The OM models a 10% increase at each reset. Underwrite the fee escalation and read the full license, including assignment on sale.

Garage plan

Parking levels B1 and B2 with the Hotel Max stalls marked

Contract review

What We Will Confirm in Every Vendor Agreement

Item	Why it matters
Term and renewal dates	Contracts that renew just before closing lock the buyer into pricing it never negotiated
Evergreen and auto-renewal clauses	Auto-renewing agreements need cancellation calendared against the closing date
Cancellation notice windows	30, 60, or 90-day windows determine which contracts AGM can rebid in the first year
Fee escalation caps	The model assumes 3% growth; uncapped CPI or labor-indexed escalators break that assumption, elevator and security first
Assignment on sale	Confirm each contract assigns to a buyer or terminates cleanly at close

Risks

Operating Risks, Gaps, and Follow-Ups

No vendor contracts provided. HVAC, elevator, janitorial, and security agreements drive about $934K of annual expense and are unreviewed. Request all service contracts with amendments.
No PCA or environmental report. A 1969 tower requires both before pricing. None was included in the OM.
Next capital cycle is undefined. The recent program covered mechanical, life safety, and cosmetic scopes. Ask what remains: elevators (modernization status unstated), facade and curtain wall, plumbing risers, structural.
Steam is single-source. Heat depends on the Centrio district steam loop. Confirm rate history and contract terms; steam costs sit inside a $626K utility line.
Hotel Max license. Obtain the full agreement, not the abstract, and confirm behavior on assignment and the arbitration mechanics.
Operating statements. Request 2024-2026 actuals to test the 2026 budget the OM's Year 1 is built on.

Management approach

How AGM Runs the Asset From Day One

Speed to action is the operating principle: contracts audited and rebid inside the first quarter, leasing conversations opened before close, and reporting live from the first month.

Day 1: operational takeover

Vendor introductions, tenant notices, utility and access transfers, and the emergency response plan in place at close.

Days 1-30: contract and lease audit

Every service agreement reviewed against the register on the Contracts page; cancellation windows calendared, rebids launched where pricing is off market.

Days 1-90: leasing plan in motion

Broker engagement, spec-suite strategy for the sub-4,000 SF vacancies, and renewal outreach to the five tenants rolling within two years, Emery Reddy first.

Monthly: owner reporting

Financial package and KPI dashboard delivered on a fixed calendar, with variances explained rather than footnoted.

Reporting

Building KPIs and Cadence

The building-level dashboard AGM maintains for every asset, loaded with Plaza 600's current figures. The same metrics consolidate across AGM's Seattle portfolio into one owner view.

KPI	Current	Target / benchmark	Cadence
Occupancy (leased %)	51.2%	88.7% by Year 4 per OM	Monthly
WALT	5.1 years	Maintain > 4 years	Quarterly
Net operating income	$1.33M annualized	$5.19M stabilized	Monthly
Operating expenses	$15.60 / SF	Hold under 3% growth	Monthly vs budget
Leasing pipeline	To be established	Tours, proposals, LOIs by suite	Weekly during lease-up
Near-term rollover	5 tenants ≤ 2 yrs	Renewal decision 12 months out	Quarterly
AR over 30 days	To be established	< 0.5% of billed	Monthly

Monthly financial package

Income statement with budget variance, rent roll and delinquency, leasing activity, capital project status, and a cash summary. Delivered by the 15th for the prior month, in the same format every month.

Consolidated Seattle portfolio view

Plaza 600's KPIs roll into a single dashboard beside AGM's other Seattle assets: occupancy, NOI against plan, expenses per square foot, and open items, one page for ownership. Activates with AGM's systems at close.

Document center

Deal Documents by Folder

One place for every acquisition document. Click a folder to open it. Nothing has been uploaded yet; each folder lists what it will hold, matching the request list below.

Acquisition documents Empty OM, PSA, feasibility · no documents uploaded yet

Financials & financing Empty Projections, operating statements, debt · no documents uploaded yet

Leases by suite Empty 17 tenant files, amendments, estoppels · no documents uploaded yet

Service contracts Empty HVAC, elevator, parking, vendors · no documents uploaded yet

Diligence reports Empty PCA, environmental, title, survey · no documents uploaded yet

Market research Empty CoStar pulls, comps, AGM briefings · no documents uploaded yet

This document center is maintained here for the acquisition review; it is not connected to AppFolio. Uploaded files appear inside each folder as they arrive.

Next steps

Document Requests and Actions

Confirm AGM's role

Establish whether the walk-through supports a prospective buyer's diligence or another capacity; it defines the scope of everything below.

Request the deal file

Draft PSA, Argus model, and 2024-2026 operating statements from Newmark.

Request all leases and amendments

17 tenant files including sublease consents (suites 800, 1500), guarantees, and the Regus restructure documents. File by suite in the document center.

Request all service contracts

HVAC, elevator, janitorial, security, landscaping, and parking, plus the full Hotel Max license agreement.

Request PCA and environmental

Neither exists in the data room as provided. Commission both if the seller has none.

Resolve the ownership question

Confirm with the listing team whether the 2019 and 2024 recapitalizations are two events or a date discrepancy.

Verify market data

Direct CoStar pull for submarket vacancy, area parking rates, and leasing comps to test the OM's marks.