Historic Seattle CBD Assets Trade for $43M
- Feb 01, 2018
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.
The HFF 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.
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. Encompassing 130,786 square feet of office and retail space, the assets are LEED Gold certified, with entities such as the American Institute of Architects, Urban Land Institute and the National Trust for Historic Preservation recognizing its sustainability.
Completed in 1929, the Vance building rises 14 stories, while the 1910-built Sterling property provides three floors of office and retail space. According to Jonathan Rose Cos., the former owner acquired the structures in 2006 for $23.5 million, with the purpose of remodeling them into sustainable, historic Class B assets. Improvement costs reached $3.5 million, contributing to an increase in occupancy from 68 percent to roughly 90 percent.
Last November, Brickman partnered with Investcorp in the purchase of two historic office buildings in Midtown Manhattan completed in the 1920’s.
Image via Google Street View