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Tristar Capital LLC and RFR Holding Buy 318k sf Creative Office Building in Seattle

12/31/19

Amazon at Apollo, a 12-story, state-of-the-art creative office building in Seattle totaling 317.8k sf of space, was acquired by a joint venture between Tristar Capital LLC and RFR Holding. The price was not disclosed.

Located at 325 Ninth Avenue North in the city’s South Lake Union submarket, the asset was built in 2015 as a build-to-suit for Amazon, who leases the project on a long-term basis. The LEED Gold-certified property is situated on .98 acres.

The property features open creative build-outs, on-site public bike racks, shower/locker facilities, four levels of subterranean parking, ground floor retail, and a landscaped private outdoor terrace with views of Lake Union and the city. The asset is also accessible to multiple modes of transit including the Seattle Streetcar, bus, light rail, Interstate 5 and Highway 99, and is walkable to an abundance of retail and dining amenities.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Michael Moll, and Vice Chairman Alex Foshay, in cooperation with NKF local market expert Executive Managing Director Jesse Ottele, represented the seller, Mirae Asset Global Investments. The buyer was self-represented.

“This Class A property produced tremendous interest globally and is yet another example of foreign capital buying trophy Seattle assets,” said Shannon. “Mirae Asset Global Investments received strong cash flow during its holding period for this asset and garnered an attractive gain with this sale while avoiding the new increased excise sales tax which goes into effect in January.”

“With an office market vacancy rate of approximately 2.8%, the South Lake Union submarket of Seattle is one of the best performing markets in the nation. Some of the world’s most recognizable tech firms including Amazon, Facebook and Google have established significant footprints here,” said Moll. “Because of these dynamics, capital demand looking to invest in this market remains very high as the area continues to experience significant rental rate and property value appreciation.”






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