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Aslan Realty Fund Acquires Park Place for $116M

SEATTLE-Two years after acquiring it for $81.8 million, Walton Street Capital sells the 21-story, 310,000-sf Downtown office building for $115.8 million.

By Brian K. Miller | Updated on January 15, 2008

SEATTLE-Walton Street Capital has sold the Park Place office building here for $115.8 million. The Chicago-based institutional equity investor acquired the 21-story, 310,000-sf Downtown office building for $81.8 million in 2005 as part of a package deal from locally based Benaroya Co. The building was built in 1972 and renovated in 2004. About 22% of the building is being marketed for lease on officespace.com. Wright Runstad & Co. will manage the property and Urbis Partners will handle the leasing. Eastdil Secured had the disposition assignment. The new owner is Aslan Realty partners III LLC, a fully-discretionary institutional equity fund represented by Transwestern Investment Co. of Chicago. Transwestern CEO Stephen Quazzo says the property “is a true value-add opportunity from both a leasing and physical improvements standpoint.” In October 2005, Benaroya Co. paid $345 million for Park Place and Met Park, a newer three tower development totaling about 900,000 sf.

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