{"id":1004076885,"date":"2013-06-10T21:49:13","date_gmt":"2013-06-11T05:49:13","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=137226"},"modified":"2022-12-06T06:56:07","modified_gmt":"2022-12-06T14:56:07","slug":"major-office-high-rise-trades-hands-for-390m-in-citys-financial-district","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/major-office-high-rise-trades-hands-for-390m-in-citys-financial-district\/","title":{"rendered":"Major Office High-Rise Trades Hands for $390M in City\u2019s Financial District"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

As Seattle\u2019s office market soared over the past year, a number of major office building transactions have been completed. The Russell Investments Center, at 1201 Third Ave., and Vulcan\u2019s Amazon campus have drawn massive amounts of money as investment companies are focusing on Seattle real estate. Continuing that trend is the recent sale of the Wells Fargo Center to Canadian real estate company Ivanho\u00e9<\/span> Cambridge for a fee of $390 million. According to a press release issued by the buyer, the acquisition brings the total amount of office space in Seattle\u2019s financial district that is owned by Ivanho\u00e9<\/span> to 8 percent.<\/p>\n

Wells Fargo Center is a 47-story, Class A office towe\"\"<\/a>r that offers around 983,600 square feet of leasable space. The building, located at 999 Third Ave., is one of the mainstays of the city\u2019s skyline and has joined the ranks of major office assets in the Pacific Northwest that feature energy-efficient fixtures and environmental systems. It boasts a high Energy Star rating and LEED Gold certification. The skyscraper offers great views of the neighboring area, as well as Elliott Bay and the city.<\/p>\n

According to Ivanho\u00e9<\/span> Cambridge CEO Daniel Fournier, the move for Wells Fargo Center is \u201can excellent investment opportunity brought to our attention through our partner, Callahan Capital Properties, and contributes to our strategy aimed at building a national platform of assets comprising superior-quality office buildings.\u201d<\/p>\n

The company also owns a 50 percent stake in another major Seattle office building. The U.S. Bank Centre offers around 943,600 square feet of office space in the city\u2019s financial district. Ivanho\u00e9<\/span> Cambridge handles a variety of activities, including investment, development, asset management, leasing and operations for a portfolio of assets located in around 20 countries and worth almost $34 billion. \u00a0<\/span><\/p>\n

Photo courtesy of \u00a0users Rahula59<\/em> and Mrwojo<\/em> via Wikimedia Commons<\/p>\n","protected":false},"excerpt":{"rendered":"

As Seattle’s office market soared over the past year, a number of major office building transactions have been completed. The Russell Investments Center, 1201 Third Ave. and Vulcan’s Amazon campus have drawn massive amounts of money as investment companies are focusing on Seattle real estate. Continuing that trend is the recent sale of the Wells Fargo Center to Canadian real estate company Ivanhoé Cambridge for a fee of $390 million. According to a press release issued by the buyer, the acquisition brings the total amount of office space in Seattle’s financial district that is owned by Ivanhoé to eight percent.<\/p>\n","protected":false},"author":237,"featured_media":1004507189,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[1815],"class_list":["post-1004076885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-seattle","tag-national"],"acf":[],"yoast_head":"\nMajor Office High-Rise Trades Hands for $390M in City\u2019s Financial District - 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\/major-office-high-rise-trades-hands-for-390m-in-citys-financial-district\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Major Office High-Rise Trades Hands for $390M in City\u2019s Financial District\" \/>\n<meta property=\"og:description\" content=\"As Seattle’s office market soared over the past year, a number of major office building transactions have been completed. 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