Facebook Seattle HQ Commands $286M
- May 23, 2017
A joint venture between Tristar Capital and RFR Holding has acquired Dexter Station, a 10-story, Class A office building in Seattle’s South Lake Union neighborhood from Stockbridge Capital for $286 million.
The Newmark Grubb Knight Frank team of Kevin Shannon, Ken White, Mike Moll, Tim O’Keefe and Jesse Ottele represented RFR and TriStar in the transaction. Eric Goldberg, partner of law firm Olshan Frome Wolosky LLP, also represented the joint venture. Eastdil Secured closed on behalf of the seller.
“This is an absolute stunning building offering an unmatched work environment,” David Edelstein, Tristar’s president, said in a prepared release. “We believe in the long-term viability of the technology sector and the communities in which they operate and will continue to look for value opportunities in other tech-centric markets across the country.”
The 335,412-square-foot property is LEED Gold certified and is currently 100 percent occupied by Facebook.
Dexter Station is located at 1101 Dexter Ave. North and was originally constructed in 2015 and designed by noted architect Frank Gehry. The building offers sweeping views of both Lake Union and the Seattle skyline.
The property is situated in one of the most sought-after locations in the Puget Sound region, and offers easy access to trendy restaurants, specialty shops, ample outdoor recreation and multiple modes of transportation.
Tristar and RFR have partnered two other times this year on Class A office buildings in the area.
The two firms also joined together for the acquisition of Urban Union at 501 Fairview Ave. North and the Amazon Phase VII building at 400 Ninth Ave. North.
Altogether, Tristar’s tech-driven office holdings total approximately 1.5 million square feet.