Facebook-Leased Office Development in Seattle Trades for $415M
- Nov 08, 2019
Ponte Gadea has acquired Arbor Blocks, a 388,900-square-foot, Class A, recently completed office property in Seattle, from Vulcan Real Estate for $415 million, according to Yardi Matrix. The buyer first entered the market in March with the $740 million acquisition of the Amazon-occupied Houdini North and South.
Vulcan broke ground on Arbor Blocks’ two buildings in December 2016, shortly after Facebook signed a long-term lease agreement with the developer. The project, backed by $166.7 million in construction financing from U.S. Bank and JPMorgan Chase, delivered in May and July this year.
Located at 300 and 333 Eighth Ave. N. in Lake Union, the property is within half a mile of nearly 16.7 million square feet of Class A office space, Yardi Matrix shows. Arbor Blocks’ six-story buildings were built to achieve LEED Gold certification, with sustainable features including bioretention cells, outdoor workspaces and stormwater-fed irrigation systems. The property also has a rooftop terrace, bike lockers, a café and 4,800 square feet of retail space on the ground floor. The asset also includes underground parking at a ratio of approximately 2.3 spaces per 1,000 square feet.
While Facebook continues to expand its presence in the metro—now employing more than 5,000 employees in the region—Amazon remains the largest office tenant in the submarket, occupying 3.3 million square feet within a quarter mile of Ponte Gadea’s new acquisition.