{"id":1004123817,"date":"2015-07-23T06:05:08","date_gmt":"2015-07-23T14:05:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004123817"},"modified":"2022-12-08T19:21:34","modified_gmt":"2022-12-09T03:21:34","slug":"ara-vulcan-set-seattle-record","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ara-vulcan-set-seattle-record\/","title":{"rendered":"American Realty Advisors, Vulcan Set Seattle Record"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

\"33-085<\/a>

2201 Westlake Ave.<\/p><\/div>\n

American Realty Advisors is boosting its Seattle area holdings with the purchase of 2201 Westlake Ave., a fully-leased Class A office\/retail building in the South Lake Union submarket, from Vulcan Real Estate for $251 million.<\/p>\n

The sale of the 12-story, 317,000-square-foot property set a record in the city per square foot at $792 per square foot. The Puget Sound Business Journal reported the previous record of $772 a foot was also for a Vulcan-owned property – 307 Westlake Ave., which was sold earlier this year.<\/p>\n

\u201cWe were very pleased by the broad interest we received from institutional investors,\u201d Ada Healey, vice president of real estate for Vulcan, Inc., said in a prepared statement. \u201cThe pricing reflects both the exceptional quality of the asset and the highly-desirable characteristics of the Seattle office market.\u201d<\/p>\n

The building\u2019s main tenants are Amazon, which leases more than half of the office space, and PATH, an international health non-profit firm. The ground-floor retail space is occupied by Bang &\u00a0 Olufsen, West Elm, Einstein Bagels and Ann Sacks Tile & Stone. Developed by Vulcan in 2009, the building is LEED Gold-certified.<\/p>\n

\u201cOpportunities to acquire a newly-constructed building with high-quality tenants at a \u2018Main and Main\u2019 location are rare,\u201d Drew Hess, senior director, Investment Group, for American Realty Advisors, said in a prepared statement. \u201cThis purchase secures a fully-leased Class A asset at an ideal location and still offers strong rental growth opportunities beyond an attractive risk-adjusted return.<\/p>\n

\u201cOverall, this type of property checks off all of the boxes: great urban location, great tenants and new high-quality construction and amenities,\u201d he added.<\/p>\n

The all-concrete building has large office floorplates ranging from 22,000 to 39,000 square feet, expansive window lines and 14 foot floor-to-floor heights throughout the building. In addition to 23,400 square feet of retail, it has 336 parking stalls in a five-level subterranean garage.<\/p>\n

\u201cTenants are seeking creative environments where they can not only recruit talented employees, but also locate as many people on one floor as possible,\u201d Hess said in his statement. \u201cThe open ceilings and construction features also provide lower ongoing re-tenanting and operating costs, which in turn led to higher net operating income for investors.\u201d<\/p>\n

Vulcan has been an active developer and investor in the Seattle region, particularly the South Lake Union neighborhood, which has become one of the West Coast\u2019s top locations for technology and global health firms. Vulcan Real Estate, which is currently managing about $2 billion in assets, directs all real estate investment activities for Vulcan, Inc. run by former Microsoft co-found Paul Allen.<\/p>\n

Vulcan Real Estate has set property records before in Seattle. In October, 2012, Amazon paid Vulcan<\/a> a record $1.2 billion for its 11-building headquarters, a 1.8 million-square-foot development in South Lake Union.<\/p>\n

Vulcan stated it planned to invest the funds from the sale of 2201 Westlake into its continued development efforts as well as new land and value-add opportunities throughout the region. To date, the company has delivered 5.7 million square feet in 26 office, biotech, residential and mixed-use properties in South Lake Union. It is constructing 600,000 square feet for Amazon.com now as well as the Allen Institute for Brain Science and has numerous projects in pre-development planning.<\/p>\n

Seattle is one of American Realty Advisors preferred investment markets. With nearly $7 billion in assets under management, the Glendale, Calif.-based company is an investment manager to institutional investors. American acquires assets directly or provided equity, preferred equity, mezzanine debt, debt and hybrid debt for office, industrial, multi-family and retail properties throughout the United States. The firm owns several other properties in the Seattle area, including one retail center, several multi-family buildings, one office property and several industrial assets. One of its most recent acquisitions was a two-property industrial portfolio<\/a> in Northern Virginia near Dulles International Airport purchased from Clarion Partners.<\/p>\n

CBRE handled the transaction with a team led by Kevin Shannon, vice chairman\/managing director, Capital Markets, Institutional Properties. Team members included Mike Moll, Tom Pehl, Lou Senini and Ken White. Shannon, based in Los Angeles, was supported by the local CBRE office as well.<\/p>\n","protected":false},"excerpt":{"rendered":"

Find out what kind of purchase set a record in Emerald City.<\/p>\n","protected":false},"author":1068,"featured_media":1004123821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21752,21742,21747,21749,15],"tags":[],"class_list":["post-1004123817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-mixed-use","category-latest","category-office","category-retail","category-west"],"acf":[],"yoast_head":"\nAmerican Realty Advisors, Vulcan Set Seattle Record - 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\/ara-vulcan-set-seattle-record\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"American Realty Advisors, Vulcan Set Seattle Record\" \/>\n<meta property=\"og:description\" content=\"Find out what kind of purchase set a record in Emerald City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ara-vulcan-set-seattle-record\/\" \/>\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=\"2015-07-23T14:05:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:21:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/33-085-Westlake-Property-Reduced.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"994\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ara-vulcan-set-seattle-record\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ara-vulcan-set-seattle-record\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"American Realty Advisors, Vulcan Set Seattle Record\",\"datePublished\":\"2015-07-23T14:05:08+00:00\",\"dateModified\":\"2022-12-09T03:21:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ara-vulcan-set-seattle-record\\\/\"},\"wordCount\":684,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ara-vulcan-set-seattle-record\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/07\\\/33-085-Westlake-Property-Reduced.jpg\",\"articleSection\":[\"Investment\",\"Mixed Use\",\"News\",\"Office\",\"Retail\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ara-vulcan-set-seattle-record\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ara-vulcan-set-seattle-record\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ara-vulcan-set-seattle-record\\\/\",\"name\":\"American Realty Advisors, Vulcan Set Seattle Record - 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