CalSTRS JV Pays $51M for Seattle Office Asset
- Sep 17, 2020
A partnership between California State Teachers’ Retirement System and Beacon Capital Partners has completed the $50.7 million acquisition of First & Eagle, a 70,647-square-foot office building in Seattle’s Belltown neighborhood. CalSTRS holds a 95 percent stake in the BCal joint venture, which invests in U.S. office assets. Beacon owns the remaining 5 percent interest.
A private investor was the seller, according to King County records. The asset last changed hands in 2018, when Econet sold it for $21.5 million, Yardi Matrix shows.
Located at 3005 First Ave., the four-story building was completed in 1980. In 2012, Econet executed a multi-million dollar capital improvement plan on the asset, according to Yardi Matrix. Later, the building’s four-story atrium was converted into additional office space, according to Puget Sound Business Journal. The tenant roster includes Universal Cells and Econet subsidiary Univera. The property has two passenger elevators, a fitness center, showers and locker rooms. The site is 1.5 miles from downtown Seattle.
In March, CalSTRS received a $991.8 million loan from New York Life Insurance Co. The note encumbers a 7 million-square-foot, multi-state portfolio which included five office properties, nine industrial assets and three residential communities. JLL arranged the financing for the borrower.