{"id":1004155182,"date":"2016-10-12T03:28:24","date_gmt":"2016-10-12T11:28:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004155182"},"modified":"2020-05-11T21:19:31","modified_gmt":"2020-05-12T05:19:31","slug":"seattle-office-building-commands-180m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/seattle-office-building-commands-180m\/","title":{"rendered":"Seattle Office Building Commands $180M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Hill7,<\/a>

Hill7, Seattle<\/p><\/div>\n

Seattle<\/strong>\u2014Hudson Pacific Properties <\/a>and the Canada Pension Plan Investment Board<\/a> have acquired Hill7<\/a>, a 285,680-square-foot office building in Seattle\u2019s Denny Triangle neighborhood, from Touchstone and its financial partner Principal Real Estate Investors, for $179.9 million.<\/p>\n

\u201cThe Seattle market is performing very well and still has significant upside. Local firms are expanding, and many are opting to move from the suburbs into the city,\u201d Alex Vouvalides, Hudson Pacific Properties\u2019 chief investment officer, told Commercial Property Executive<\/a><\/em>. \u201cCalifornia companies are increasingly opening a Seattle hub to gain access to the region\u2019s talent. So market fundamentals are strong, and we\u2019re seeing significant pre-leasing for new office supply.\u201d<\/p>\n

In conjunction with the acquisition, the joint venture closed a 10-year, secured, non-recourse loan in the amount of $101 million from a prominent institutional lender.<\/p>\n

Located at 1099 Stewart St., the 11-story building features an 1,800-square-foot conference room, private showers, bike storage, an outdoor deck, and hotel conference facilities and catering.<\/p>\n

This is CPPIB\u2019s first entry in the Seattle office market, while Hudson Pacific has been active in the Puget Sound for several years, particularly in Pioneer Square, where it owns three assets and is building the eight-story 450 Alaskan.<\/p>\n

\u201cHill7 is another opportunity to deepen our presence in Seattle, one of our core markets, and acquire an asset just down the street from our Met Park North property,\u201d Vouvalides said. \u201cIt is the newest asset in one of Seattle\u2019s hottest neighborhoods\u2014Denny Triangle\/South Lake Union, where Amazon is located and Google is now moving. While Hill7 is Class A, new construction, the fact that we can still add significant value through leasing in the near-term made this transaction particularly appealing.\u201d<\/p>\n

According to Vouvalides, the transaction is consistent with the company\u2019s strategy in other urban markets, such as Los Angeles, the Silicon Valley and San Francisco.<\/p>\n

\u201cWe look for high-quality office properties in very select, high-barrier submarkets that afford us opportunities to add value through leasing, repositioning, and\/or redevelopment,\u201d he said. \u201cAt Hill7, we will increase the leased percentage from 80 to 100 percent, and the building\u2019s quality has already garnered some of the highest rents in the marketplace. Our decision to purchase the asset in a joint venture with CPPIB highlights our ability to attract strong capital partners, and aligns with our efforts to preserve dry powder for other strategic acquisitions in our core markets.\u201d<\/p>\n

The Puget Sound has seen strong activity of late, as many international buyers stake claim to Seattle\u2019s booming economy.<\/p>\n

According to a recent report by JLL, foreign investors have invested more than $2.5 billion this year, and while the volume will not surpass last year\u2019s $4.4 billion, the market is on pace to exceed $3 billion, far exceeding the 10-year average.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The new Class A, 11-story property was acquired by a Hudson Pacific Properties joint venture. <\/p>\n","protected":false},"author":451,"featured_media":1004155185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21742,21747,1610,15],"tags":[],"class_list":["post-1004155182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-latest","category-office","category-seattle","category-west"],"acf":[],"yoast_head":"\nSeattle Office Building Commands $180M - 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\/seattle-office-building-commands-180m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seattle Office Building Commands $180M\" \/>\n<meta property=\"og:description\" content=\"The new Class A, 11-story property was acquired by a Hudson Pacific Properties joint venture.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/seattle-office-building-commands-180m\/\" \/>\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=\"2016-10-12T11:28:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-12T05:19:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Hill7-Seattle.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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\\\/seattle-office-building-commands-180m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-office-building-commands-180m\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Seattle Office Building Commands $180M\",\"datePublished\":\"2016-10-12T11:28:24+00:00\",\"dateModified\":\"2020-05-12T05:19:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-office-building-commands-180m\\\/\"},\"wordCount\":478,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-office-building-commands-180m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/10\\\/Hill7-Seattle.jpg\",\"articleSection\":[\"Deals\",\"Featured\",\"News\",\"Office\",\"Seattle\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-office-building-commands-180m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-office-building-commands-180m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-office-building-commands-180m\\\/\",\"name\":\"Seattle Office Building Commands $180M - 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