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230,000-SF U-District Building Fetches $423 Per SF

SEATTLE-The three-year-old Roosevelt Commons complex in the University District here is 100% leased by Safeco Insurance Co. of America and the University of Washington. The new owner is a client of the San Francisco-based advisory Rreef.

By Brian K. Miller | Updated on September 25, 2005

SEATTLE-Financier Malcolm Goodfellow and developer James Whitney of Portage Bay Partners have sold the three-year-old Roosevelt Commons office complex here for $94.5 million, or $423 per sf. The new owner of the two-building development is an advisory client of San Francisco-based Rreef.

The lofty purchase price is a function of the value and quality of the leases in place. Investment-grade tenants Safeco Insurance Co. of America and the University of Washington occupy the entire building on long-term leases. They lease 132,181 sf and 89,475 sf, respectively.

“The credit strength of our tenants…plus their long-term leases peaked the interests of institutional investors,” says James Whitney of the selling entity, Roosevelt Commons LLC. “The abundance of capital available for investment-grade properties and low capitalization rates created a favorable selling environment for us.”

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