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4/06/12
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In a major office sale from the Pacific Northwest, Clarion Partners has acquired 1600 Seventh Avenue, a 32-story, 598k sf building in downtown Seattle, for $137 mil ($229/sf). Clarion Partners, a leading real estate investment manager, made the purchase on behalf of a separate account client of the firm in an off-market transaction.
The building was sold by CenturyLink, formerly known as Qwest Communications. CenturyLink and its predecessor companies have continuously occupied the property since it opened in 1976 and will remain as a tenant in approximately 260k sf.
Victor Frandsen, Tim Harrington and Alan Polacsek of Newmark Knight Frank Global Corporate Services represented CenturyLink in the sale and the new lease negotiated with Clarion Partners. Jason Flynn of Eastdil Secured’s San Francisco office assisted in repping CenturyLink for the sale.
“The transaction allows CenturyLink to monetize its real estate holding while positioning itself in what will be a newly renovated Class A property moving forward. It benefits all parties,” said Frandsen.
Simultaneous with the purchase, Clarion announced that Nordstrom Inc has committed to a long-term lease for over 300k sf, bringing the occupancy of the property to 88 percent. The company expects to start moving into its new location beginning in fall 2012. Urban Renaissance Group LLC represented Clarion in the transaction and will serve as the local operator of the asset going forward.
Following the acquisition, Clarion and Urban Renaissance Group plan to initiate a significant renovation of the property, updating the common areas, including the main lobby, and adding ground level retail and underground parking.
Located in the heart of the central business district, 1600 Seventh Avenue is easily accessible by public transportation, sits two blocks from the downtown Seattle Nordstrom store and Nordstrom Rack store and is within walking distance of many of the city’s leading retailers, restaurants, and hotels, as well as the Washington Convention Center.
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