{"id":1004124422,"date":"2015-07-31T20:07:02","date_gmt":"2015-08-01T04:07:02","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=355729"},"modified":"2022-03-03T19:01:50","modified_gmt":"2022-03-04T03:01:50","slug":"record-setting-2201-westlake-sale-advances-vulcan-disposition-plan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/record-setting-2201-westlake-sale-advances-vulcan-disposition-plan\/","title":{"rendered":"Record-Setting 2201 Westlake Sale Advances Vulcan Disposition Plan"},"content":{"rendered":"

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

Vulcan Real Estate<\/a> can tell when it\u2019s time to exit an asset, especially at $792 per square foot. The Paul Allen-founded company recently shattered the per-square-foot price record paid for a Seattle office building, surpassing it by $20 with the sale of the office property located at 2201 Westlake Ave. N. The sale was brokered by a team led by CBRE representative Kevin Shannon.<\/p>\n

The sale breaks a record that was set by another Vulcan Real Estate property earlier this year: an asset located a short walk away, at 307 Westlake, The Puget Sound Business Journal<\/em> writes.<\/p>\n

\"2201<\/a><\/p>\n

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

American Realty Advisors<\/a> is the new owner of 2201 Westlake, having paid somewhere around $250 million, public records show. The 12-story, 317,000-square-foot building was developed by Vulcan and completed in 2009. 2201 Westlake\u2019s office space is fully leased to Amazon and health nonprofit PATH, while the ground-floor retail component is divided between Einstein Bagels, Ann Sacks Tile & Stone, Bang & Olufsen, as well as West Elm. The property was put up for sale this spring.<\/p>\n

2201 Westlake is immediately adjacent to a 19-story, 135-unit condo tower known as the Enso. Units at the Enso managed to sell out in two years following the building\u2019s completion.<\/p>\n

The high-priced transaction is a result of the seller\u2019s ongoing campaign to offload a large part of its portfolio. Vulcan Real Estate is cashing in big on its Seattle properties in order to reorient the proceeds toward a number of other ventures. Since 2012 when it first announced its plan to move substantial parts of its assets, Vulcan has sold around $2.5 billion worth of property, including the blockbuster deal it completed with Amazon for its South Lake Union campus.<\/p>\n

Image courtesy of vulcanrealestate.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Vulcan Real Estate can tell when it’s time to exit an asset, especially at $792 per square foot. The Paul Allen-founded company recently shattered the per-square-foot price record paid for a Seattle office building by $20, in the deal completed for the office property at 2201 Westlake Ave. N.<\/p>\n","protected":false},"author":41,"featured_media":0,"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":[],"class_list":["post-1004124422","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle"],"acf":[],"yoast_head":"\nRecord-Setting 2201 Westlake Sale Advances Vulcan Disposition Plan - 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\/record-setting-2201-westlake-sale-advances-vulcan-disposition-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Record-Setting 2201 Westlake Sale Advances Vulcan Disposition Plan\" \/>\n<meta property=\"og:description\" content=\"Vulcan Real Estate can tell when it’s time to exit an asset, especially at $792 per square foot. 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