|
|
7/23/15
|
American Realty Advisors purchased the office and retail components, totaling 317k sf, of a mixed-use building in Seattle that also includes residential units. The transaction was for the 12-story, LEED Gold-certified office/retail portion of the building, located at 2201 Westlake Ave, at the corner with Denny Way, in the heart of Seattle’s South Lake Union area.
The property was sold by Vulcan Real Estate, who developed the building in 2009. The structure is situated directly on the South Lake Union Streetcar line and integrates the next generation in technical standards.
The office and retail portion of the all-concrete structure incorporates large floorplates ranging from 22k sf to 39k sf, expansive window lines, 14-foot floor-to-floor heights throughout the building, 336 parking stalls in a five-level subterranean garage, raised- floor HVAC distribution. There is also 23.4k sf of high-quality retail space directly across the street from Whole Foods.
The 294k sf office portion of the building is located on floors 2 – 12 and is fully occupied by a number of high-profile tenants, including Amazon and global health innovator, PATH. Amazon currently occupies more than half of the office space. The ground-floor retail space is currently occupied by Bang & Olufsen, West Elm, Einstein Bagels, and Ann Sacks Tile & Stone.
There is also a residential portion of the building, known as the Enso condominiums, consisting of 135 units and 159k sf of space in a second, 19-story tower portion of the property. It was not a part of this transaction.
In the last decade, more than $6 bil in public infrastructure and private development has been invested into the South Lake Union neighborhood, driving significant growth for Seattle. As a result, the area has become one of the West Coast’s top-tier locations for leading firms in global health and technology.
Vulcan intends to invest the funds from the property sale toward its continued development efforts, as well as new land and value-add investment opportunities throughout the region.
CBRE handled the transaction with a team led by Kevin Shannon and supported by the local CBRE office.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
