1. Introduction

Métrica Architects is a boutique design studio specializing in modern residential architecture in the Seattle–Bellevue corridor. We design custom homes, renovations, and select commercial projects for clients who value distinctive, site-specific architecture. Our work is recognized for its restraint, clarity, and attention to context.

The firm is at an inflection point. Métrica is 11 years old and has just completed a significant investment cycle: a rebuilt brand, a new website and portfolio, a new operating system for the practice, and a pricing strategy aligned with the top of the residential market at 10% of construction costs. The work is positioned. The pipeline is building: over $25M of residential construction in progress today, $10M more in permitting, and additional projects in design. The next five years are the firm's prime growth years. What we do not yet have is a physical space that matches the caliber of the work and the ambition of the firm.

For the past two years, we operated out of a small office within another architecture firm in downtown Bellevue. It was functional but counterproductive: their logo on the wall, their project photos in the lobby, their identity in every client interaction. There was no way to present Métrica on its own terms. That lease has ended.

We are now working from home. This is fine temporarily, but it is not a growth strategy. Architecture is a relationship business. Clients planning a $2.5-million to $5-million home want to meet the architect in a real space, see the work on the walls, feel the intention behind the practice. A home office cannot do that. A coworking desk cannot do that. A space inside someone else's firm cannot do that.

What can do that is the right office, in the right building, at the right time.

2. The Building and the Neighborhood

Smith Tower

Smith Tower — 506 2nd Avenue, Pioneer Square

Smith Tower sits at 506 2nd Avenue in the heart of Pioneer Square. It was built in 1914, making it Seattle's first skyscraper and for decades the tallest building west of the Mississippi. It was designated a Seattle landmark in 1984. The building was designed by Gaggin & Gaggin of New York for Lyman Cornelius Smith, the firearm and typewriter magnate.

Pioneer Square

Pioneer Square — Seattle's oldest neighborhood

Pioneer Square is Seattle's oldest neighborhood. It was the city's original commercial center, built largely in the 1890s after the Great Fire, and its Romanesque Revival brick buildings are some of the finest historic architecture in the Pacific Northwest. It is a federally designated historic district.

Several of the region's most successful architecture firms already operate from Pioneer Square. Olson Kundig, arguably the most recognized architecture firm in the Pacific Northwest, has been headquartered here since the early 2000s. Board & Vellum relocated its entire headquarters to the 16th floor of Smith Tower this month. GO'C designed their studio in a historic loft on Yesler Way. Jackson Main Architecture, a 50-person firm, and SMR Architects both operate from the neighborhood. These are established, profitable firms that could locate anywhere in the region. Their presence validates Pioneer Square as a credible address for design practices serving high-end clients.

Pioneer Square also hosts the longest-running art walk in the country: First Thursday, a free self-guided walk through the neighborhood's galleries, studios, and venues on the first Thursday of every month. For an architecture firm, this is a natural client development channel. The neighborhood draws people who care about art, design, and craft on a regular basis.

The neighborhood has faced real challenges in recent years. The pandemic emptied offices, and a visible homelessness crisis concentrated in the area. But the response has been concrete: the city completed major pedestrian infrastructure improvements in December 2024 (nine raised crossings, four blocks of curbless streets, 13,400 square feet of new planted areas). The 2026 city budget includes $225 million in homelessness response, including a $4 million Pioneer Square–specific encampment resolution program. New behavioral health facilities (the ORCA Center and STAR Center) have opened to move people from street-level crisis into structured care. In 2025, 35 new businesses opened in Pioneer Square, a 75% increase over the prior year. The new Overlook Walk and waterfront park opened four blocks from Smith Tower, reconnecting downtown to Elliott Bay for the first time in decades.

The FIFA World Cup brings eight matches to Lumen Field in June and July 2026, one mile from Smith Tower, with global attention and infrastructure investment. Interest rates are easing. The conditions that drove vacancy are reversing.

The Investment in the Building

In 2015, Unico Properties acquired Smith Tower for $74 million and undertook a full restoration: upgraded building systems (HVAC, electrical, life safety, telecom), seismic improvements, and a sustainability overhaul that earned LEED Platinum certification in 2019. Unico reopened the 35th floor as the Observatory, a speakeasy-themed bar and event space with panoramic views. Smith Tower won the 2019 International TOBY Award for Outstanding Historical Building of the Year. The building was later acquired by Goldman Sachs as part of a $750 million portfolio, and in August 2024 it was sold to GT Capital and a group of prominent Seattle families who took local ownership: the current owners are betting on Pioneer Square with their own capital.

The building now offers a state-of-the-art fitness center, bike storage, showers, and a 22nd-floor tenant amenity level with a kitchen, lounge seating, and panoramic views with an outdoor deck. Full-time dedicated security staff and on-site property management are included.

For an architecture firm, the address itself is a statement. Clients visiting Métrica enter Seattle's original skyscraper to meet an architect. The building tells a story about design, craft, and permanence before a single word is spoken.

3. The Space

Suite 1014 — 10th floor, waterfront views of Elliott Bay

Suite 1014 is located on the 10th floor with waterfront views of Elliott Bay. It consists of two offices of roughly equal size (approximately 420 SF each), totaling 844 rentable square feet. The two rooms are separated by an interior wall with a connecting door. Each office has independent access to the corridor. The landlord has offered to remove the dividing wall, but this layout is ideal for our purposes.

The two offices are rented together only. This is a constraint that works in our favor: the layout enables a flexible growth strategy. One office serves as the Métrica studio from day one. The second can be subleased to offset costs while the firm builds its project pipeline, or absorbed as the team grows.

4. Transit: The Game Changer

This is the single most important factor in the business case. Everything else matters, but this is what makes it all possible.

Link 2 Line — connecting the Eastside to Pioneer Square

Link Light Rail is Seattle's metro system: a grade-separated train network that runs on dedicated tracks, independent of traffic. The first segment opened in 2009, connecting downtown Seattle to Sea-Tac International Airport. It has since expanded north to the University District, Northgate, and Lynnwood, and south to Tacoma. In March 2026, the system's most significant expansion opened: the 2 Line, running east from downtown Seattle across Lake Washington to Bellevue and Redmond. For the first time, the Eastside is connected to Seattle by rail.

Pioneer Square Station, on the same block as Smith Tower, is where the two lines converge. It has a Transit Score of 100.

What this means for clients

Métrica's primary market is custom home clients in two corridors: the Eastside (Bellevue, Mercer Island, Medina, Clyde Hill, Sammamish) and North Seattle (Innis Arden, Edmonds, Shoreline). These are homeowners building $2-million to $10-million homes. Many are executives at the tech companies that have concentrated on the Eastside: Microsoft, Amazon, OpenAI (which expanded fivefold in Bellevue in 2026 to 296,000 SF), Meta (2 million SF in the Spring District), Snowflake, ByteDance, and Snap. Bellevue is positioning itself as the region's AI corridor. The people building these homes are working in these offices.

When a client is deciding whether to hire you for a project of that scale, the trip to your office is part of the evaluation. They are showing up to decide if you are the right architect. The setting matters.

Smith Tower sits next to Pioneer Square Station, central to both Link Light Rail lines. An executive at OpenAI in downtown Bellevue, or at Meta in the Spring District, or at Microsoft in Redmond can board the 2 Line and be at Smith Tower in 15 to 25 minutes. Shoreline and Edmonds clients connect via the Lynnwood and 185th Street stations on the 1 Line.

A visit to Smith Tower is an experience. A client parks at South Bellevue Station (free park-and-ride), takes a 15-minute train ride through the city, steps out of the station and walks straight into a 112-year-old landmark without crossing a street, rides a historic elevator to the 10th floor, and sits in a room with waterfront views looking at architectural drawings on the wall. By the time they sit down, they have already decided this is a serious firm.

This was not possible before the 2 Line opened. Asking an Eastside client to drive to Pioneer Square meant traffic, parking, and the perception of inconvenience. The train eliminates all of that and replaces it with something better: the trip itself becomes part of the brand experience.

What this means for the team

As Métrica grows and adds staff, the Link provides the same benefit in reverse. Employees living on the Eastside or in North Seattle can commute by rail. Pioneer Square is the first major downtown station, making Smith Tower one of the most transit-accessible office buildings in Seattle.

5. Why the Timing Matters

The building and the neighborhood are only half of the case. The other half is what is happening at the firm, and in the market, right now.

If we could afford to wait, the deal would not be this good. And the unit itself is singular — Suite 1014 is the only space at this size in Smith Tower. Everything above it is larger and more expensive. The conditions that make this possible are the same conditions that will not last. Waiting for the market to recover means paying recovered prices.

6. The Lease

The lease is triple net (NNN), meaning the tenant pays base rent plus a proportionate share of the building's taxes, insurance, and operating expenses. The total monthly obligation includes both.

*Year 1 includes 3 months of free base rent. Months 1 to 3: opex only ($1,319/mo). Months 4 to 12: full obligation ($2,866/mo).

7. Why $100,000

Amount

What $100,000 actually covers:

• Two years of rent (~$69,000)
• First and last month deposit (~$6,000)
• Design and furnishing of the studio (~$25,000)

The number is sized to the need, not rounded up. It gives Métrica runway to execute the first two years of the lease without pressure, and to pursue the clients the firm wants rather than whatever work will cover the rent. That transition is not painless, but it is the right one.

Deployment

The $100,000 is parked in a savings account and/or the Business Line of Credit, with transfers to checking as needed over the two-year drawdown. Operations continue to run the way they always have (rent, opex, project-timing gaps), with the reserve available to fund the move and the first two years of the lease without pressure.

Why we are asking

If this funding does not come through, Métrica keeps operating. Revenue continues, projects progress, clients stay with the firm. What does not happen is this lease. A 5-year commitment at Smith Tower is more than Métrica is comfortable taking on without a dedicated reserve. Without a partner, the firm does not sign. Suite 1014 is the only space at this size in Smith Tower; the next options are larger spaces, at higher cost. If we pass, the opportunity may be gone soon. We would rather miss it than do this wrong.

8. The Deal

A $100,000 loan at 7% interest over 5 years, plus a performance payment at the end of Year-5.

The Bet

The Investor is betting on Métrica's next five years. The $100,000 accelerates the firm's growth at a critical moment. If Year-5 produces strong revenue, the Investor is paid a share of it. The stronger Métrica's Year-5, the larger the Investor's return.

The Structure

The deal has two parts: a loan and a performance payment at Year-5 (the "Kicker").

• The Loan.
  • A fixed 5-year loan at 7% amortizing interest
  • Principal: $100,000, provided at closing
  • Annual payment: $23,763.60
  • Total repaid over 5 years: $118,818 ($100,000 principal + $18,818 interest)
  • Payments are fixed and occur regardless of how the firm performs
• The "Kicker."
  • A one-time performance payment, paid at the end of Year-5
  • Equal to 5% of Métrica's Net Operating Revenue for that year
  • Amount varies with performance. A stronger year produces a larger payment

9. What the Investor Earns

The Investor's total return across a range of Year-5 revenue outcomes, on a $100,000 investment. The deal is structured as a 7% loan plus a Year-5 "Kicker" rather than a straight fixed loan: lower early-year payments give Métrica room to grow, and the "Kicker" carries the upside. The final column compares each outcome against a fixed 12% loan over the same five years ($133,467 total). The comparison shows what the "Kicker" adds above a straight fixed-return loan.

What the scenarios mean

• Breakeven is the minimum revenue Métrica needs to cover operating costs.
• Average is the firm's average Net Operating Revenue over the last five years.
• Peak is the firm's best Year in the last five years.
• Target is where the firm is aiming by Year-5: five $5M homes delivered, at $250K in design fees each.
• Strong and Very Strong are outcomes above Target, including commercial work and projects at higher fee tiers.

• Principal returned and interest earned are fixed. Same in every scenario. Combined, $118,818 paid back through annual payments of $23,763.60.
• Year-5 "Kicker" is 5% of Métrica's Net Operating Revenue in Year-5. This is the only variable in the deal.
• Total to Investor is the sum of principal, interest, and "Kicker."
• IRR is the annualized rate of return on the original $100,000, accounting for the timing of all cash flows.
• Premium vs 12% loan is how many more dollars the Investor earns than a straight 12% loan over the same five years ($133,467 total). 12% is meaningfully above what a conservative stock portfolio or 5-year bond would return: the long-run S&P 500 average is closer to 9 to 10% before taxes and volatility, bonds are lower. 12% is a reasonable floor for capital placed in a small business.

What a "Very Strong" outcome means. $2.5M in NOR corresponds to roughly 10% of $25M in annual construction cost, the equivalent of five $5M homes delivered in a single year. Métrica has already delivered multiple homes at this cost level. With firm maturity and a Smith Tower address, projects at this scale become easier to win, not harder. Commercial work is additional upside not reflected in the table.

In every scenario, this deal pays more than a 12% loan, in both total dollars and IRR. The Investor's downside is protected by the loan's fixed return. The upside is real and grows with the firm.

10. Why This Works for Both Sides

The deal is structured so the Investor and Métrica share the same outcome. Both parties win from the same thing: Métrica executing well over the next five years, and Smith Tower increases the odds of that happening.

For the Investor

The annual payments are fixed and begin twelve months after funding. In every scenario shown, the total return exceeds a straight 12% loan and exceeds a stock market benchmark. The "Kicker" is variable, but its largest values are only possible if Métrica performs exceptionally well. The Investor's best outcome is the firm's best outcome.

For Métrica

The $100,000 funds the move to Smith Tower: two years of rent, the first and last month deposit, the full design and furnishing of the studio, and the photography and marketing that follow. It is the first dedicated space in the firm's 11-year history, a real brand environment in Pioneer Square that doubles as a portfolio piece, a recruiting tool, and a case study for the firm's growing commercial practice. The space also gives Métrica room to grow into a second office or to offset rent by subletting it (see Additional flexibility: sublease, below).

Métrica continues operating as it does today. The only real new overhead is the lease itself, and that risk is mitigated by restored borrowing capacity and by the sublease option.

Most importantly, the $100,000 buys time. Two years of runway means Métrica can pursue the clients and projects that fit the firm's trajectory, not whatever work will cover the rent.

Additional flexibility: sublease

The Smith Tower lease includes two offices of approximately 420 square feet each. Métrica occupies one and has the right to sublet the second. At 50% of monthly rent unfurnished, sublease income runs approximately $1,500 per month; furnished, $1,600 to $1,750. Assuming three months of initial vacancy followed by 45 months occupied, that is $67,500 to $78,750 of additional cash over the lease term. Sublease income is not part of the deal structure and does not affect the Investor's return. It is purely additional cushion that further strengthens Métrica's cash position during the Smith Tower years.

11. How Net Operating Revenue Is Calculated

A clarification, since the "Kicker" is calculated against NOR.

Métrica is now positioned to serve clients as a one-stop shop, a new capability for the firm. The firm contracts directly with outside consultants (structural, mechanical, electrical, civil) and bills those services to the client with a 10 to 15% markup. This increases gross revenue, which further strengthens the firm's standing with its banking partners, but most of the added amount is pass-through: money collected on behalf of others.

Net Operating Revenue is the figure remaining after those pass-through consultant fees are paid out. It represents what Métrica actually keeps, and it is the number the Year-5 "Kicker" is calculated against.

Worked example

A project where Métrica's design fee is $100,000 and the structural engineer's fee is $20,000.

• Métrica bills the client $23,000 for the structural engineer's work (15% markup)
• Gross revenue to Métrica: $123,000 ($100,000 design fee + $23,000 structural)
• Pass-through expense: $20,000, paid directly to the structural engineer
• Net Operating Revenue: $103,000 ($100,000 design fee + $3,000 markup retained)

The Year-5 NOR figure comes from Métrica's year-end books and is reviewed by the firm's accountant. The Investor receives the calculation and a supporting summary with the Year-5 payment.

12. General Terms

• Standard promissory note, signed by both parties, with a full amortization schedule
• Prepayment permitted at any time without penalty. The Year-5 "Kicker" is still owed, calculated on actual Year-5 performance
• If Métrica is sold before Year-5: remaining principal, accrued interest, and a pro-rated "Kicker" based on sale value are paid at closing
• If Métrica dissolves: the Investor is first in line among personal and family obligations

13. Timing

Immediate. The proposal from Smith Tower is valid through April 23, 2026. The lease would commence May 1, 2026, and the capital is needed before the lease is signed.

• Funding: as soon as possible, once the agreement is signed
• First annual payment: twelve months after funding
• Final annual payment: Year 5
• Year-5 "Kicker": within 60 days of Year-5 fiscal close

14. Thank You

Métrica is at the strongest point in its history: in positioning, brand, and market alignment. What the firm needs now is a bridge. The market opportunity is here, and the pipeline has not yet caught up to the investments that created this position. This deal funds the move to Smith Tower from strength, and shares the upside of that move directly with the Investor who helped make it possible.

You believed in Métrica 9 years ago with a similar investment, when the firm was in a far more precarious position. That early investment helped build the foundation we are standing on today. This is not the same ask. The brand is built. The market is positioned. The pipeline is forming. The space is the last piece.

The ask is $100,000. Fund Métrica now to help the firm grow, and share directly in that growth. The loan protects the downside. The "Kicker" shares the upside. In every scenario shown, the Investor earns more than a 12% loan, in both total dollars and IRR.

Thank you.