{"id":1004035589,"date":"2011-12-22T12:26:27","date_gmt":"2011-12-22T20:26:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004035285"},"modified":"2022-12-05T13:03:01","modified_gmt":"2022-12-05T21:03:01","slug":"talon-private-capital-prudential-purchase-15-story-seattle-office-for-76-5m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/talon-private-capital-prudential-purchase-15-story-seattle-office-for-76-5m\/","title":{"rendered":"Talon Private Capital, Prudential Purchase 15-Story Seattle Office for $76.5M"},"content":{"rendered":"<p><strong>December 22, 2011<\/strong><br \/>\n<em>By Barbra Murray, Contributing Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/122211-1800-Ninth-Avenue-Seattle.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/122211-1800-Ninth-Avenue-Seattle.jpg\" alt=\"\" title=\"122211 - 1800 Ninth Avenue Seattle\" width=\"204\" height=\"300\" class=\"alignright size-medium wp-image-1004035286\" \/><\/a><\/p>\n<p>Talon Private Capital and Prudential have taken Seattle\u2019s 312,700-square-foot office tower at 1800 Ninth Ave. off the hands of Regence BlueShield in a sale-leaseback transaction. The joint-venture partners paid $76.5 million for the Class A property.<\/p>\n<p>Developed in 1990, the 15-story structure sits in the city&#8217;s central business district, surrounded by properties that are home to such premier occupants as Amazon.com and Nordstrom Corp. While Regence will continue to occupy 30 percent of 1800 Ninth under a lease agreement, Talon and Prudential are still left with a tenant roster that is 60 percent empty.<\/p>\n<p>However, Jones Lang LaSalle, which orchestrated the sale on behalf of Regence, sees the upside of a half-vacant property in the current office real estate climate. &#8220;1800 Ninth Avenue offers the new owners significant repositioning opportunity in the months to come,&#8221; Stuart Williams, a managing director with JLL, said. &#8220;They&#8217;ll also be able to capitalize on Seattle&#8217;s rapidly improving market conditions in one of the cities hottest submarkets.&#8221;<\/p>\n<p>Indeed, while vacancy levels remain relatively high even for Class A properties in the CBD &#8212; the direct vacancy rate was 13.1 percent in the third quarter &#8212; direct net absorption is on the upswing, having totaled roughly 208,300 square feet for premier properties in the submarket during the quarter, according to a JLL report. The tech and tech-related industries have certainly played a large role in improvements. Amazon&#8217;s lease of 460,000 square feet at 1918 Eighth Ave. marked Seattle&#8217;s largest new lease transaction year to date. &#8220;The overall outlook still suggests improving fundamentals moving into 2012 despite the outlook appearing less positive than at the start of 2011, as per the report. &#8220;The high-tech industry continues to display impressive growth and growth in the manufacturing sector, whilst not directly related to downtown office demand, is another highly positive sign. As a result of these factors, demand for office space is expected to continue to increase.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Talon Private Capital and Prudential have taken Seattle\u2019s 312,700-square-foot office tower at 1800 Ninth Ave. off the hands of Regence BlueShield in a sale-leaseback transaction for $76.5 million. <\/p>\n","protected":false},"author":1201,"featured_media":1004038267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21747,15],"tags":[],"class_list":["post-1004035589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Talon Private Capital, Prudential Purchase 15-Story Seattle Office for $76.5M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/talon-private-capital-prudential-purchase-15-story-seattle-office-for-76-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Talon Private Capital, Prudential Purchase 15-Story Seattle Office for $76.5M\" \/>\n<meta property=\"og:description\" content=\"Talon Private Capital and Prudential have taken Seattle\u2019s 312,700-square-foot office tower at 1800 Ninth Ave. off the hands of Regence BlueShield in a sale-leaseback transaction for $76.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/talon-private-capital-prudential-purchase-15-story-seattle-office-for-76-5m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-12-22T20:26:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T21:03:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/122211-1800-Ninth-Avenue-Seattle.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"703\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/talon-private-capital-prudential-purchase-15-story-seattle-office-for-76-5m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/talon-private-capital-prudential-purchase-15-story-seattle-office-for-76-5m\/\",\"name\":\"Talon Private Capital, Prudential Purchase 15-Story Seattle Office for $76.5M - 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