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December 5, 2019
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Facebook-Occupied Office Complex in Seattle Sells for Over $400 Mil

11/14/19

Arbor Blocks, a two-building office campus in Seattle containing of 388.1k sf of Class A office space, was acquired by Ponte Gadea Seattle LLC in a deal worth $415 mil ($1,069/sf). The property, consisting of separate Arbor Blocks East and West buildings located at 300 and 333 8th Ave North, is occupied by Facebook Inc on a long-term basis.

Situated in the south Lake Union submarket of Seattle, Arbor Blocks was delivered in 2018 and 2019 and consists of two six-story, state-of-the-art buildings with multi-level subterranean parking. The East building totals 197.3k sf, and the West building is 190.8k sf. The campus includes a pedestrian- and bicycle-oriented “woonerf” (“living street”) along 8th Avenue North that promotes outdoor gatherings with public seating areas, specialty paving, landscaping, and public art.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Mike Moll, Executive Managing Directors Rob Hannan, Ken White, Alex Foshay, and Director Bill Delacy, in cooperation with NKF local expert Executive Managing Director Jesse Ottele, represented the seller, Seattle-based Vulcan Real Estate.

“Once again, Vulcan has developed a trophy office product that has set an all-time record price per square foot for Seattle, which happens frequently in healthy coastal markets that possess strong rent growth fundamentals,” said Shannon.

According to NKF’s third-quarter 2019 market report, the Lake Union office submarket has the lowest vacancy rate of all of eight of downtown Seattle’s submarkets at 2.8%. Year-to-date, it has seen just over 1.11 msf of net absorption, and currently has approximately 2.9 msf under construction.

Arbor Blocks is located near the 5 Fwy, Hwy 99, the Seattle Streetcar, the city’s primary bicycle commuter corridor along Dexter Avenue, and numerous regional buses and features a transit score of 94 and a walk score of 97.





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