Principal Real Estate Sells TOD Office Building in Seattle

With the help of HFF, LBA Realty acquired the office and retail building for an undisclosed price.

By Ioana Neamt

Broadacres Building, Seattle
Broadacres Building, Seattle

SeattleHFF arranged the sale of a 123,108-square-foot, transit-oriented office building in downtown Seattle. Principal Real Estate Investors sold the north central business district asset to LBA Realty. HFF marketed the property alongside KG Investment Properties on behalf of the seller, and also procured the buyer through an investment sales team led by Senior Managing Director Nicholas Kucha.

Located at 1601 2nd Ave., in close proximity to the Sound Transit-King County Metro’s Westlake station, Pike Place Market and Amazon’s South Lake Union headquarters, Broadacres is a 10-story office building with ground-floor retail space that offers a rare value-add redevelopment opportunity. The retail portion of the building was completed in 1908, and the asset was converted to office space in 1961.

Financial details of the transaction have not been disclosed. The last time the building traded was in 2007, in a $62 million portfolio transaction that included The Broadacres Building, The Broderick Building, The MiKen Building, The MJA Building and The Coliseum Theatre, according to data from Yardi Matrix.

Image courtesy of Yardi Matrix