Seattle
Vulcan Sells Kilroy $170M, 321 KSF Office Property
Vulcan Real Estate and Group Health Cooperative have sold Westlake Terry, a two-building, 321,000-square-foot office property in Seattle’s South Lake Union submarket for about $170 million to Kilroy Realty Corp. of Los Angeles.
Essex Property Trust Closes Multifamily Deal with Kauri, Which is Also Set to Begin Construction
Kauri Investments sold the 56-unit residential community, part of a larger project that also includes a Hyatt Place hotel. Kauri did not include the 160-key hospitality property in the deal perfected with Essex. Developed in 2010, the complex is located at 110 Sixth Avenue N., near the Seattle Center. According to PSBJ, the sale was not planned by Kauri but the inquiry by Kidder Matthews representatives Giovanni Napoli and Phillip Assouad, working on behalf of Essex Property Trust eventually got the deal going. According to Kauri’s CEO, Kevin Angier, the multifamily rental property had an occupancy rate of 95 percent at the time the transaction was completed.
Rockefeller, SRO to Build 2 MSF M-U Office Complex in Suburban Seattle
The Rockefeller Group and Sterling Realty Organization have teamed up to bring a 2 million-square-foot mixed-use office development to downtown Bellevue, Wash.
Vulcan Real Estate Debates Multifamily Developments as Project Pipeline Grows Longer
The project is somewhat unusual for the Paul Allen-controlled entity as the company has focused its attention on South Lake Union, its only non-SLU development being the Martin apartments, an ongoing residential project next to the Cinerama Theater. The Seattle Housing Authority is currently considering Vulcan, along with a number of other developers, for the redevelopment of the Yesler Terrace public housing project in First Hill, while the company is also set to develop a City Hall complex for the city of Bothell. However, that last project is currently on standby on the municipality’s part.
Amazon’s Denny Triangle Campus Phase One Gets General Contractor in Sellen
By Alex Girda, Associate Editor
Amazon.com has recently announced the developer that will be taking charge of its first phase Seattle campus in the downtown area of Denny Triangle. The tech giant has named local company Sellen Construction as the contractor for the much talked about development in downtown Seattle, the Puget Sound Business Journal wrote. Sellen has handled a number of high profile Seattle developments in the past, including the redevelopment of the PacMed Tower, which interestingly enough became Amazon’s headquarters at the time it was finished, as well as the green tech-laden Federal Way South redevelopment. That last project, previously referenced on this page, was handled for the U.S. Army Corps of Engineers.
The phase that Sellen Construction was hired to handle will include a Seventh Avenue 37-story office tower, as well as a 2,000-seat gathering space. Plans filed by the developer indicate that a retail component is also part of phase one, as well as an underground parking facility that will be able to hold around 1,000 cars. A ground breaking won’t be held soon, although reports this summer placed the start of the construction process sometime during 2013. Now that most of the planning approvals are in place and a general contractor is selected, there should be no major stalls to keep Sellen from building phase one of the three-block, NBBJ-designed Amazon campus.
Amazon.com-Occupied Office Tower Trades Hands, Expands in Denny Triangle
Amazon.com is the bona fide engine of Seattle’s office market. If evidence of that fact up until this point is still deemed unconvincing, just take a look at the recent Amazon-involved headlines. West 8th, the online giant’s new residence was recently purchased in a deal, which according to public records stood at around $278 million. The entity that acquired the office property is associated with AEW Capital Management, a Boston-based company that deals with institutional and private investment. Continue reading →
South Lake Union Set for Rezoning Overhaul
By Alex Girda, Associate Editor South Lake Union is growing at a frantic pace. Some developers are pitching office high-rises in hopes of scoring one of the big names that are constantly circling the neighborhood’s available office space, while others are proposing the next young-professional-oriented multifamily building. However, growth must be sustainable, and there are […]
MetLife JV Buys Iconic Seattle Office Tower
A joint venture comprising MetLife and an institutional real estate investor advised by Clarion Partners has purchased 1201 Third Ave., an Art Deco–inspired Class A building that is Seattle’s second-tallest office tower.
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.