Seattle
Seattle’s Booming Office Market Prompts Developers to Dive In Head First
By Alex Girda, Associate Editor
The local office market has seen a number of blockbuster transactions this year, illustrating high interest in what Seattle has to offer. In fact, there doesn’t seem to be enough space to go around, and developers like Skanska USA are currently considering speculative construction, Skanska on its 400 Fairview Ave. N. project.
The Hilton Portland and Executive Tower Sells as City Contemplates Beefing Up Its Hospitality Figures
A Chicago-based investor has recently acquired The Hilton Portland and Executive Tower, the Portland Business Journal reports. The transaction is speculated to be worth approximately $100 million, which is not a staggering amount, considering the fact that the property is the city’s largest hotel. In fact, the per-room sale price comes in at about $128,000, less than half of what it costs to develop a hotel room in downtown Portland.
1201 Third Ave. Tower Nears Deal
1201 Third Ave. is one of four properties that Beacon Capital has put up for sale in the greater Seattle area. The other three have been bundled together as a single deal and include U.S. Bank Plaza, Plaza East and Plaza Center, all in nearby Bellevue. They were acquired by the company in 2007 as part of a 42-building portfolio acquisition. Beacon paid $6.4 billion to Blackstone to secure the massive office portfolio.
Government Building LEEDs Through Example
Built by a team comprising design company ZGF Architects and developer Sellen Construction using funds provided through the Recovery Act, the building ushers in a new era of government properties. The $72 million office building offering up 209,000 square feet of space seems on track to achieve an Energy Star efficiency score of 100, a distinction only 1 percent of comparable U.S. buildings can claim. The building is also set to be awarded Gold certification through the U.S. Green Building Council’s Leadership in Energy and Environmental Design program.
Amazon.com Set to Break Records with Purchase of HQ from Vulcan
In a long-anticipated deal, Amazon.com, the world’s largest online retailer, finally acquired its 11-building headquarters in Seattle from owner Vulcan Real Estate. The Paul Allen-controlled investment company received a whopping $1.2 billion for the property, placing the transaction in a single-horse race for the title of the year’s largest U.S. office transaction.
Seattle Property Sales Promise New Prices Records
By Alex Girda, Associate Editor The sale of Seattle’s Russell Investments Center earlier this year scored a $480 million jackpot, but the city is already expecting that record to be blown out of the water. One of the city’s most iconic skyscrapers is now on the market and ready to charge a premium around the […]
Woodinville Apartment Complex Latest Addition to Grosvenor’s Value-Add Portfolio
By Alex Girda, Associate Editor Grosvenor Americas recently announced the acquisition of the Waterford Place Apartments in Seattle’s Woodinville suburb for $58.4 million. The property group will now pursue a substantial property renovation to add value to the newest member of its portfolio. Upgrades are deemed necessary for most of the community’s amenities, such as […]
American Assets Set to Snap Up City Center Bellevue in Deal Worth $229M
By Alex Girda, Associate Editor City Center Bellevue is the object of the latest large office property purchase in the greater Seattle area, after American Assets Trust Inc. made a grab for the high-rise building. The full-service, vertically integrated and self-administered real estate investment trust is reportedly set to acquire the downtown property for a […]
Kilroy Continues Washington State Spending Spree with Bellevue’s Skyline Tower
By Alex Girda, Associate Editor Kilroy Realty Corp. is carrying on with its massive Northwestern assault in terms of spending. The well-known real estate investment trust recently announced the acquisition of a downtown Bellevue office tower known as Skyline Tower. The Los Angeles-based firm paid a reported $186.9 million to Skyline owner Beacon Capital Partners, […]
Pebblebrook Buys Boutique Hotels in Seattle, Portland
By Alex Girda, Associate Editor Pebblebrook Hotel Trust has secured two of the Northwest’s prime boutique properties: The Hotel Vintage Park Seattle and the Hotel Vintage Plaza Portland, which are located in Seattle’s downtown financial center and Portland’s downtown respectively. The REIT paid $63 million for the properties. The 124-key Hotel Vintage Park Seattle is […]