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Rreef Pays $300 Per SF for 1000-1100 Dexter

SEATTLE-On behalf of an anonymous client, the San Francisco-based real estate advisor pays more than $64 million for the 211,874-sf class A office complex that overlooks Lake Union and is well stocked with credit tenants.

By Brian K. Miller | Updated on September 08, 2004

SEATTLE-The 211,874-sf 1000-1100 Dexter Avenue class A office complex has been sold to a client of investment advisor Rreef for upward of $64 million, which translates to more than $300 per sf, the highest price ever paid for a non-CBD building, according to sources familiar with the transaction. The seller was a joint venture of locally based TriMet Development and Greenwich, CT-based Starwood Capital that acquired the complex four years ago for $42.5 million.Overlooking Lake Union, the complex includes the 100,261-sf 1000 Dexter building, the 101,340-sf 1100 Dexter building and a 10,273-sf ancillary office building, all completed between 1996 and 1998. The project also includes a high parking ratio relative to other buildings in the area. Occupancy at the time of sale was 97%. Tenants include Infinity Radio Broadcasting (Viacom), AOL, Battelle Memorial Institute, Regus and FDIC. Battelle and Regus occupy the vast majority of the 1100 building while Infinity, AOL and the FDIC occupy the 1000 building. The asking lease rates for space in the buildings ranges from $18 to $22 per sf per year, according to officespace.com.Robert Rizzi, a partner with New York-based Broad Street Advisors, represented the seller in the transaction. “The offering garnered significant interest from a broad range of institutions, REITs, and national, regional, and local private investors,” says Rizzi. “They all chased this deal hard.”

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