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October 27, 2021
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Jamestown Closes 250k sf Seattle Office Purchase

9/27/21

Jamestown has closed on a major acquisition in Washington State, buying Home Plate Center, a two-building, 347.9k sf office campus located in the South of Downtown/Pioneer Square (“SODO”) submarket of Downtown Seattle. According to industry sources, the Class A, multi-tenant asset traded for around $251 mil ($721/sf).

The property, situated adjacent to T-Mobile Park and Lumen Field, is 94% leased to nine tenants. The state-of-the-campus is LEED Gold-certified and is the newest institutional office asset to be delivered in the SODO submarket, featuring advanced building infrastructure, redundant power capabilities and dark fiber connectivity.

The North Building is located at 1501 1st Avenue S and is comprised of 157.9k sf of office space and 400 sf of retail space. The South Building is located at 1521 1st Ave S and totals 183k sf of office space and 6.6k sf of retail space. Features include 12’ - 17.5” slab-to-slab ceiling heights, outdoor decks with Seattle skyline views, bicycle storage along with shower and locker facilities, a “Great Room” lobby with in-floor radiant heating and efficient, large floor plates.

The property benefits from its central location that offers direct access to the Hwy 99 tunnel, the I-90 and I-5 freeways, and convenient public transportation access for bus and rail commuters through the Seattle Regional Transit Hub.

Newmark 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 Director Rachel Jones, in conjunction with local leasing broker, Dwight Newell of CBRE, represented the seller, American Life. Vice Chairman David Milestone and Senior Managing Director Brett Green of Newmark were retained by Jamestown, to procure new financing for the acquisition.

“Home Plate Center represents a unique opportunity to acquire a newer vintage, multi-tenanted, Class A asset in Downtown Seattle, where most new construction investment offerings have been single-tenant transactions,” said Shannon. “This sale to Jamestown marks their first acquisition in Seattle which is a testament to capital’s belief in the continued leasing recovery and performance of the market.”

Moll added, “With the continued rise in land values and escalating construction costs, Home Plate Center offers a compelling discount to replacement cost, especially when taking into account the above market parking ratio and high-end tenant improvements at the property.”

Class A SODO/PSQ and Waterfront buildings have fared extremely well, with Class A rents in the submarket increasing by 35% since 2015, outpacing the submarket as a whole (27%) and overall Class A Puget Sound market (25%), according to Newmark Research. Seattle’s tremendous growth in the last five years has changed the SODO/PSQ and Waterfront submarket from a previously hybrid/flex industrial and office submarket to a dynamic and desire able office submarket. The submarket has been the beneficiary of tenant migration from tenants seeking relief from rising office rents in the CBD and Lake Union while offering investors the benefit of much more diverse tenant consideration.





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