Waterfront Place is a 170,000 square foot premier office property, located in downtown Seattle. The property was originally developed by a subsidiary of the Weyerhaeuser Company. Waterfront Place occupies a full block on the Seattle waterfront, and offers superb views of the Elliott Bay and Puget Sound. The building consists of one floor of retail, three floors of parking and six floors of office. In addition, there are a number of residential condominiums at the top of the building, which are not part of the Waterfront Place office building. The property was initially purchased in January 1995 for $17.9 million and was subsequently refinanced in 1998. Falcon provided asset management services to ownership over the next decade and initiated an aggressive leasing and capital improvement program during that time. Because of the sharp appreciation in value of this property, it was decided to take advantage of the strong market and the property was sold in May 2005 for $42 million. The Internal Rate of Return during the 10+ year holding period was 28%.