CBRE Capital Markets announced the sale of West Lake Union Center, a 218,454-square-foot Class A office building in Seattle’s South Lake Union submarket.
Brad Zampa, Michael Walker and Megan Woodring of CBRE’s downtown San Francisco office arranged the approximiately $100 Million acquisition financing on a seven-year, floating-rate basis at a competitive spread priced over the 30-Day LIBOR on behalf of the buyer. The financing was provided by a West-Coast based equity fund focused on opportunistic real estate projects nationally.
Tom Pehl, Lou Senini and Todd Tydlaska arranged the sale on behalf of the seller.
“Demand for Class A office space in the South Lake Union neighborhood is at an all time high, and as a result, we experienced a great deal of investor interest in West Lake Union Center,” said Pehl, senior vice president. “Both domestic and foreign investors were attracted to the location and opportunity to enhance the property.”
Built in 1994, West Lake Union Center is 90% leased to a diverse tenant base, including Spaceflight Industries and Crown Castle. The investment offers a compelling yield and a diversified income stream with upside potential through repositioning the asset.
Located at 1505 Westlake Avenue N, the 10-story property is situated in Seattle’s South Lake Union neighborhood, one of the most dynamic and desirable office markets in the United States. Tenants enjoy commanding views of Lake Union and the Seattle skyline from windows and a combination of balconies and rooftop decks. West Lake Union Center’s prime location offers a full complement of retail, restaurant, entertainment and housing amenities as well as immediate proximity to mass transit and convenient access to I-5 and SR-99.
South Lake Union is one of the top performing markets in the greater Seattle region with vacancy currently at 2.9%. The submarket is home to several high profile tech firms and continues to attract a growing population of companies and working professionals.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
