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7/22/16
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In an institutional office buy in Seattle, Mirae Asset Global Investments paid $246.8 mil for Amazon.com Phase VIII, a 12-story, state-of-the-art office building totaling 317.8k sf ($776/sf). The property was sold by Vulcan.
Phase VIII is a core, low-risk investment opportunity with a remaining lease term of approximately 15 years with contractual rent increases anchored by Amazon.com. Amazon.com is the global leader in online retail and technology services and products. The building includes 5.3k sf of fully-leased ground floor retail space and is located in the heart of Seattle’s South Lake Union, one of the most dynamic, desired and best performing submarkets in the US.
Kevin Shannon, Ken White and Michael Moll with NGKF Capital Markets represented Vulcan in the transaction, with local market assistance from Lou Senini and Tom Pehl of CBRE. NGKF’s David Milestone and Brett Green are arranging financing for Mirae Asset Global Investments.
“Global capital is increasingly recognizing the unique opportunity offered by South Lake Union and the Puget Sound region. Seattle, San Francisco and Los Angeles sales activity in the CBDs has been dominated by foreign buyers in 2016 and this is yet another example of this,” remarked Shannon.
The urban South Lake location benefits from an abundance of nearby retail amenities boasting a Walk Score Index of 95, considered to be a “walker’s paradise”. The core location provides excellent access to multiple modes of transit. The Amazon.com-occupied building was built in 2015 and features LEED Gold certification.
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