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October 23, 2018
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Commercial Condo in Seattle Sells for over $500/sf


A 32.4k sf, four-tenant commercial condo asset in Seattle has sold for $17.75 mil ($548/sf). The property, 500 Mercer, is located in the Lumen Building, a full city block mixed-use project on the corner of 5th Ave and Mercer St.

The property is directly across the street from the Bill & Melinda Gates Foundation, near Seattle Center, and less than a half mile from Amazon’s global headquarters in the South Lake Union neighborhood.

The property was purchased by K&L LLC, a private equity investor. It was sold by 500 Mercer Partners LLC, represented by Erik Swanson, Mike King, Jason Miller and Damian Sevilla with Kidder Mathews.

“Cap rates are still compressed for core, trophy properties in Seattle," said King. “With Seattle’s growth and economic prosperity, this was a great investment opportunity,” he said.

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