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May 24, 2022
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BioMed Realty Acquires Trophy Office Building in Seattle

5/06/22

BioMed Realty recently purchased a 153.7k sf office building at 1101 Westlake in downtown Seattle’s South Lake Union submarket. The property was sold by Invesco Real Estate, a global real estate investment manager. A price was not given out.

The property is 100% net leased to Meta Platforms, Inc. providing the new owner with a highly coveted credit income stream backed by one of the world’s leading technology firms. Meta strategically moved into space at the nearby Dexter Station in 2015 and has since tremendously grown its South Lake Union footprint.

Built in 2015, 1101 Westlake is a six-story, creative trophy office building featuring LEED Silver Certification and spectacular water views of Lake Union. It is prominently located within Downtown Seattle’s South Lake Union submarket—one of the premier urban live-work-play neighborhoods in the United States and Seattle’s top-performing office submarket. Situated along Westlake Avenue North, the property enjoys proximity to multiple transportation options including the I-5 freeway, Highway 99 and the South Lake Union Streetcar. The location is also walkable to a numerous shopping, dining and entertainment amenities.

Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll, Executive Managing Director Ken White, Directors Rachel Jones and Jeff Hodson represented the seller in the transaction in conjunction with local leasing expert, Executive Managing Director Jesse Ottele. Newmark Vice Chairman Alex Foshay led the team’s foreign capital outreach as part of the marketing of the asset.

The Puget Sound office market steadily improved at the start of the new year, according to Newmark Research, with solid fundamentals and indications that the overall outlook for 2022 is bright. Mask mandates in King County were rolled back in mid-March, an encouraging step that stimulated a return-to-office wave for some of the region’s largest employers. After several variant-related delays, companies like Microsoft, Meta and Twitter have finally begun to fill up the expanded footprints acquired over the past two years. While hybrid work models are certain to remain, the trend is unlikely to have any lasting negative impact, as employers are securing spaces capable of accommodating critical mass.





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