{"id":1004040037,"date":"2012-04-23T05:37:19","date_gmt":"2012-04-23T13:37:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004038506"},"modified":"2022-12-08T19:00:13","modified_gmt":"2022-12-09T03:00:13","slug":"480m-buy-nets-commonwealth-partners-872-ksf-seattle-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/480m-buy-nets-commonwealth-partners-872-ksf-seattle-office-building\/","title":{"rendered":"$480M Buy Nets CommonWealth Partners 872 KSF Seattle Office Building"},"content":{"rendered":"

By Nicholas Ziegler, News Editor<\/strong>
\n

\"\"<\/a>

Image courtesy Flickr user Jordan R. MacDonald<\/p><\/div><\/p>\n

CommonWealth Partners, a privately held real estate investment, development and management firm in Los Angeles, has purchased Seattle\u2019s Russell Investments Center for $480 million. CBRE Group Inc., which orchestrated the sale on behalf of Northwestern Mutual, described the transaction as \u201cthe largest single-asset office sale in the Western United States since 2006.\u201d<\/p>\n

\u201cThis is a best-in-class building that is widely considered one of the top three assets in the entire Seattle market,\u201d Kevin Shannon, vice chairman with CBRE, said. \u201cThere were 34 prospective buyer tours of the asset, which is highly unusual for a deal of this size and demonstrates the tremendous amount of capital that exists for core CBD assets. This is especially true in rising markets, like Seattle, that are experiencing strong job growth resulting in aggressive rent growth.\u201d<\/p>\n

The property, which was constructed in 2006, is located at 1301 Second Ave. in the city\u2019s Central Business District. Russell Investments Center is one of only eight Class A office buildings constructed in the last ten years in the Seattle CBD and at 42-stories, is the tallest new high-rise building in the CBD. The 872,026-square-foot asset is currently 95 percent leased.<\/p>\n

Even Cushman & Wakefield Inc., a competitor to CBRE, noted that the city is certainly seeing growth. According to a year-end report, the region has seen a 1.5 percent jump in employment during 2011, and economists forecast a steady year of growth for Seattle. The office market is \u201cclearly on a path to recovery,\u201d with the overall vacancy rate in the sector falling 1.3 percent to end 2011 at 19.5 percent. Asking rents, too, are on the upswing.<\/p>\n

\u201cSpurred by the elevated level of leasing in recent quarters,\u201d the report noted, \u201clandlords have not only begun to offer fewer lease concessions, but have taken steps to improve asking rents.\u201d Class A rents were up 8.1 percent at the end of the year to $29.28 per square foot.<\/p>\n

In the past 24 months, the building has increased its occupancy from 30 percent to 95 percent. More than 50 percent of the building\u2019s diverse tenant roster includes investment grade tenants from the technology, bio-tech, retail, and finance industries. No changes are expected for major project tenants, including Russell Investments, JPMorgan Chase, Boeing, Zillow and Nordstrom.<\/p>\n

The property was originally named WaMu Center, as it was constructed to be the headquarters of Washington Mutual. When the company failed, the asset was first sold to JPMorgan Chase before being purchased by Russell Investments, a Northwestern Mutual subsidiary, in 2009.<\/p>\n

\u201cCommonWealth is very pleased to expand its presence in the Seattle market with the addition of this premier quality asset to our portfolio,\u201d Rick Lewis, a partner with CommonWealth, said. \u201cThese investments are well-positioned to benefit from the continued momentum in the leasing market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

CommonWealth Partners has purchased Seattle’s Russell Investments Center for $480 million. CBRE, which orchestrated the sale on behalf of Northwestern Mutual, described the trade of the 872,026-square-foot property as “the largest single-asset office sale in the Western United States since 2006.” <\/p>\n","protected":false},"author":1201,"featured_media":1004039487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21781,21808,21783,21742,21747,15],"tags":[],"class_list":["post-1004040037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-corporate-real-estate","category-featured","category-investment","category-latest","category-office","category-west"],"acf":[],"yoast_head":"\n$480M Buy Nets CommonWealth Partners 872 KSF Seattle Office Building - 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\/480m-buy-nets-commonwealth-partners-872-ksf-seattle-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$480M Buy Nets CommonWealth Partners 872 KSF Seattle Office Building\" \/>\n<meta property=\"og:description\" content=\"CommonWealth Partners has purchased Seattle's Russell Investments Center for $480 million. CBRE, which orchestrated the sale on behalf of Northwestern Mutual, described the trade of the 872,026-square-foot property as "the largest single-asset office sale in the Western United States since 2006."\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/480m-buy-nets-commonwealth-partners-872-ksf-seattle-office-building\/\" \/>\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=\"2012-04-23T13:37:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:00:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/04\/042312-Russell-Investments-Center-Seattle-user-Jordan-R.-MacDonald.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\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\/480m-buy-nets-commonwealth-partners-872-ksf-seattle-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/480m-buy-nets-commonwealth-partners-872-ksf-seattle-office-building\/\",\"name\":\"$480M Buy Nets CommonWealth Partners 872 KSF Seattle Office Building - 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