Record-Setting 2201 Westlake Sale Advances Vulcan Disposition Plan

Vulcan Real Estate can tell when it’s time to exit an asset, especially at $792 per square foot. The Paul Allen-founded company recently shattered the per-square-foot price record paid for a Seattle office building by $20, in the deal completed for the office property at 2201 Westlake Ave. N.

By Alex Girda, Associate Editor

Vulcan Real Estate can tell when it’s time to exit an asset, especially at $792 per square foot. The Paul Allen-founded company recently shattered the per-square-foot price record paid for a Seattle office building, surpassing it by $20 with the sale of the office property located at 2201 Westlake Ave. N. The sale was brokered by a team led by CBRE representative Kevin Shannon.

The sale breaks a record that was set by another Vulcan Real Estate property earlier this year: an asset located a short walk away, at 307 Westlake, The Puget Sound Business Journal writes.

2201 Westlake

American Realty Advisors is the new owner of 2201 Westlake, having paid somewhere around $250 million, public records show. The 12-story, 317,000-square-foot building was developed by Vulcan and completed in 2009. 2201 Westlake’s office space is fully leased to Amazon and health nonprofit PATH, while the ground-floor retail component is divided between Einstein Bagels, Ann Sacks Tile & Stone, Bang & Olufsen, as well as West Elm. The property was put up for sale this spring.

2201 Westlake is immediately adjacent to a 19-story, 135-unit condo tower known as the Enso. Units at the Enso managed to sell out in two years following the building’s completion.

The high-priced transaction is a result of the seller’s ongoing campaign to offload a large part of its portfolio. Vulcan Real Estate is cashing in big on its Seattle properties in order to reorient the proceeds toward a number of other ventures. Since 2012 when it first announced its plan to move substantial parts of its assets, Vulcan has sold around $2.5 billion worth of property, including the blockbuster deal it completed with Amazon for its South Lake Union campus.

Image courtesy of vulcanrealestate.com