SEATTLE-A joint venture of Talon Private Capital and Prudential purchased the 1800 Ninth Ave. for $76.5 million. Regence BlueShield will lease back 30% of space at the 15-story class A property, which is consistent with their current requirement, according to a prepared statement.
The sale marks the first closing for Jones Lang LaSalle’s newest investment sales experts formerly with Pacific Real Estate Partners, which merged with Jones Lang LaSalle in October. Managing directors Stuart Williams, Ann Chamberlin and Lori Hill led the Jones Lang LaSalle team on this transaction. Senior vice president Laura Ford and VP David Abbott provided local market leasing expertise.
“With 60% of the building available for lease-up, 1800 Ninth Ave. offers the new owners significant repositioning opportunity in the months to come,” Williams says. “They’ll also be able to capitalize on Seattle’s rapidly improving market conditions in one of the cities hottest submarkets.”
The building is located in Seattle’s CBD and South Lake Union submarket. Chamberlin says in a prepared statement that “In just the past year, Amazon has leased nearly 750,000 square feet of office space just blocks from this well-located property. Rental rates are rising in this dynamic submarket and Talon and Prudential are well positioned to create considerable upside.”
The property offers 312,716 square office space. Nearby neighbors include Seattle Children’s Hospital Research Center, Amazon.com, Nordstrom Corp. and the Federal Courthouse. It is also located just one block from the Metro Transit Hub and near from the Convention Center.
This isn’t the first purchase for Talon in the Seattle area. As GlobeSt.com previously reported, the commercial real estate investment firm founded by Jim Neal and Bill Pollard, previously purchased Waterfront Place, a 51,000-square-foot class A office building on the Kirkland, WA waterfront for $21.5 million. The acquisition reflected Talon’s strategy of “buying stabilized assets with strong cash flow.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
