{"id":1004205328,"date":"2018-02-01T05:35:00","date_gmt":"2018-02-01T13:35:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004205328"},"modified":"2022-12-08T17:10:31","modified_gmt":"2022-12-09T01:10:31","slug":"historic-seattle-cbd-assets-trade-for-43m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/historic-seattle-cbd-assets-trade-for-43m\/","title":{"rendered":"Historic Seattle CBD Assets Trade for $43M"},"content":{"rendered":"

By Beata Lorincz<\/em><\/p>\n

\"Vance<\/a>

Vance and Sterling Buildings in Seattle<\/p><\/div>\n

Jonathan Rose Cos. has sold the Vance and Sterling buildings in downtown Seattle for $43.3 million to a joint venture between Brickman and GreenOak Real Estate. HFF represented the seller and procured the buyer, while also securing $35.5 million in acquisition financing for the property.<\/p>\n

The\u00a0HFF investment advisory team representing the seller included Directors Dave Otis and Logan Greer, alongside Senior Managing Directors Michael Leggett and Gerry Rohm. The debt placement team working on behalf of the borrower consisted of Managing Directors Casey Davidson and Peter Smyslowski.<\/p>\n

Sustainable remodeling<\/h2>\n

The mixed-use buildings are located in the city’s central business district at 1402 3rd Ave., along the Link and King County Metro transit lines and one block away from the busy Pike-Pine retail corridor.\u00a0Encompassing 130,786 square feet of office and retail space, the\u00a0assets are LEED Gold certified, with\u00a0entities\u00a0such as the American Institute of Architects, Urban Land Institute\u00a0and the National Trust for Historic Preservation recognizing its sustainability.\u00a0<\/p>\n

Completed in 1929, the Vance building rises 14 stories, while the 1910-built Sterling\u00a0property provides three floors of office and retail space.\u00a0According to Jonathan Rose Cos., the former owner acquired the\u00a0structures in 2006 for $23.5 million, with the purpose of remodeling them into sustainable, historic Class B assets. Improvement costs reached $3.5 million,\u00a0contributing to an\u00a0increase in occupancy from 68 percent to roughly 90 percent.<\/p>\n

Last November, Brickman partnered with Investcorp in the purchase of two\u00a0historic office buildings in Midtown Manhattan<\/a> completed in the 1920’s.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

HFF arranged the sale of The Vance and Sterling buildings to a partnership between Brickman and GreenOak, while also securing a $35.5 million acquisition loan for the property.<\/p>\n","protected":false},"author":739,"featured_media":1004508584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21752,21742,1610,15],"tags":[36105,38982,32792,34235,32779,33235],"class_list":["post-1004205328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-mixed-use","category-latest","category-seattle","category-west","tag-brickman","tag-greenoak-real-estate-lp","tag-hff","tag-jonathan-rose-companies","tag-leed","tag-michael-leggett"],"acf":[],"yoast_head":"\nHistoric Seattle CBD Assets Trade for $43M - 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\/historic-seattle-cbd-assets-trade-for-43m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Historic Seattle CBD Assets Trade for $43M\" \/>\n<meta property=\"og:description\" content=\"HFF arranged the sale of The Vance and Sterling buildings to a partnership between Brickman and GreenOak, while also securing a $35.5 million acquisition loan for the property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/historic-seattle-cbd-assets-trade-for-43m\/\" \/>\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=\"2018-02-01T13:35:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:10:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Vance-and-Sterling-Buildings-in-Seattle.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1355\" \/>\n\t<meta property=\"og:image:height\" content=\"992\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\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\\\/historic-seattle-cbd-assets-trade-for-43m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/historic-seattle-cbd-assets-trade-for-43m\\\/\"},\"author\":{\"name\":\"Beata Lorincz\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/23f841021ddf3b38ebc56abefe1d6004\"},\"headline\":\"Historic Seattle CBD Assets Trade for $43M\",\"datePublished\":\"2018-02-01T13:35:00+00:00\",\"dateModified\":\"2022-12-09T01:10:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/historic-seattle-cbd-assets-trade-for-43m\\\/\"},\"wordCount\":268,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/historic-seattle-cbd-assets-trade-for-43m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Vance-and-Sterling-Buildings-in-Seattle.jpg\",\"keywords\":[\"Brickman\",\"GreenOak Real Estate LP\",\"HFF\",\"Jonathan Rose Companies\",\"LEED\",\"Michael Leggett\"],\"articleSection\":[\"Deals\",\"Investment\",\"Mixed Use\",\"News\",\"Seattle\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/historic-seattle-cbd-assets-trade-for-43m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/historic-seattle-cbd-assets-trade-for-43m\\\/\",\"name\":\"Historic Seattle CBD Assets Trade for $43M - 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