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1/18/21
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A newly raised core fund advised by Zurich Alternative Asset Management (ZAAM) acquired Terry Thomas, a 44.4k sf, single-tenant office property in the South Lake Union neighborhood of Seattle, for $52.15 mil ($1,175/sf). The property was sold by a group of private local investors that includes Mike Hess of Hess Callahan Partners and Mark Grey of Stephen Grey & Associates.
Located at 225 Terry Avenue North, the four-story, LEED Gold-certified building was originally constructed in 2008 on a 0.32-acre lot. The property is fully leased to Northeastern University, an investment grade credit tenant (Moody’s: A1). The building includes 67 underground parking stalls and is located on the Seattle Streetcar line with stops half a block from the property.
Tom Pehl, Lou Senini, Chais Lowell, Paige Morgan, Charles Safley, Thuy Tran, Brandon McMenomy, Brad Zampa and Mike Walker with CBRE represented the seller in the transaction. ZAAM was represented in-house by Thomas Buffa and Sean Bannon.
“This sale marks a new price-per-square-foot record for Seattle’s office market and is a testament to the uniqueness of what the ownership team created in this project. Terry Thomas combines award-winning sustainable architecture with long-term, high-credit tenancy and a location in Seattle’s best performing submarket,” said Pehl.
South Lake Union is one of the tightest office submarkets in the region, with a vacancy rate of 2.3% as of the third quarter of 2020, according to a CBRE research report.
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