Premier Business Centers




The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
April 18, 2021
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



PACIFIC NORTHWEST NEWS
Printer-friendly Version   Email an Associate
Seattle Single-Tenant Office Asset Trades for $1,175/sf

1/18/21

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.




Return to the previous page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2021 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media