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KW, Rreef Buy Office, Residential for $300M

SEATTLE-The assets include a 126-unit condominium building that is under construction and an adjacent 536,000-sf office tower with significant vacancy.

By Brian K. Miller | Updated on July 17, 2007

SEATTLE-Kennedy Wilson says it has acquired a Downtown office building and an adjacent residential condominium development here for $300 million in a partnership with its fund, KW Fund I, and investment advisor Rreef. The office building is the former Union Bank of California Building at 901 Fifth Ave. The adjacent condo tower is known by the intersection it fronts, Fifth and Madison. The city’s new flagship library is located on an adjoining block.

The condo tower, which will contain 126 housing units (six units per floor) and 6,422 sf of street-level retail, is under construction. The project is about 70% complete and 66% pre-sold at an average of $631.50 per sf, according to Kennedy Wilson. Completion is slated for October.

The office building, built in 1973, has 41 floors and is currently undergoing its first renovation since 1999. The $35-million makeover will include a new lobby and entrance, upgraded common areas, and a pedestrian-friendly plaza surrounding the building. A completion date for the renovation was not readily available.

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