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December 15, 2018
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Seattle Office Asset Acquired by Tokyo-Based Takenaka Corporation for $268 Mil


Takenaka Corporation, out of Tokyo, Japan, is buying Tilt49, a newly constructed 11-story Class A office building totaling 290.6k sf in Seattle. The property is being sold for $268.5 mil ($924/sf) by a joint venture of Des Moines-based Principal Real Estate Investors and Seattle-based Touchstone, who developed the asset.

The office space in its entirety has been NNN-leased through 2033 to a prominent on-line retailer and technology company. The property also includes 1.6k sf of retail that has been leased to Mighty-O Donuts.

Built in 2017 and located at 1812 Boren Ave, Tilt49 is a creative office property that offers easy access to more than 100 restaurants, 3,000 hotel rooms, 28,000 urban residential units and public transit. It is located in the heart of the Denny Triangle, one of Seattle’s top office markets.

The Class A market within the Denny Triangle has seen an impressive 51% increase in average asking lease rates over the last three years. Additionally, the Denny Triangle and adjacent South Lake Union submarket represent the heartbeat of the tech and life science industries in Seattle. As testimony to that, the vacancy rate in these submarkets has been hovering under 3% for the past several quarters despite the development of more than 3.5 sf of new office space since 2014.

NKF Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan, Managing Director Michael Moll and Executive Managing Director Tim O’Keefe represented the seller in the transaction. The price per square foot is approximately $40 higher than the recently sold adjacent Midtown 21 office property, also leased to the same tenant.

Urban Renaissance Group has been retained to manage the project for Takenaka.

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