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Benaroya Sells Met Park, Park Place for $345M

SEATTLE-The two developments have a combined 1.2 million sf of office and retail space. The new owner is Walton Street Capital of Chicago.

By Brian K. Miller | Updated on October 21, 2005

SEATTLE-The locally based Benaroya Co. has sold its Metropolitan Park office campus and Park Place office building to Chicago-based Walton Street Capital for $345 million. The two downtown developments have a combined 1.2 million sf of office and retail space.

Park Place is located at 1200 6th Ave. on the corner of University Street. The 21 story 310,628-sf building has a vacancy of 18.5%, but 21.6% of the building is being marketed as available, according to officespace.com. The full-service asking rental rate $24.50 per sf per year.

The three Metropolitan Park Towers are bounded by Boren Avenue, Interstate 5, Olive Way and Stewart Street. The 20-story 363,727-sf East Tower, located at 1730 Minor Ave., was built in 1988 and renovated this year; it 19% vacant, according to officespace.com. The 18-story 339,868-sf West Tower, at 1100 Olive Way, was built in 1980 and also renovated this year; it is 6% vacant. The 11-story 185,760-sf North Tower was built in 2001 and is 100% leased. The full-service asking rate for the two older buildings is $23.50-$24 per sf per year, according to the Web site. The asking rate for the newer building is $27.50 per sf per year.

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