Built in 2001, Civica Office Commons consists of two mid-rise office towers totaling 305,835 sf joined by a glass atrium "living room" at 108th Avenue Northeast and Northeast Second Street. It is fully leased at an average annual rent of about $31 per sf to 23 tenants including Microsoft, Wells Fargo, MetLife, Morgan Stanley and Anheuser-Busch.
Brickman Associates, a New York-based real-estate-investment firm, paid Investcorp International $175.7 million ($575 per sf). Investcorp had acquired the building less than two years earlier for $141 million ($462 per sf). Both transactions set records for per-sf pricing in the Seattle area.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
