SEATTLE—American Realty Advisors and Vulcan Real Estate have completed a deal for Vulcan's sale of 2201 Westlake Avenue, a fully-leased best-of-class office/retail property in the heart of South Lake Union. The building is currently leased to high-profile office and retail tenants, including Amazon and global health innovator, PATH. Located at the corner of Westlake Avenue and Denny Way, 2201 Westlake is a 12-story 317,000 square-foot LEED Gold certified high-rise building developed by Vulcan in 2009.
“Opportunities to acquire a newly-constructed building with high-quality tenants at a 'Main and Main' location are rare,” said Drew Hess, senior director, investment group for American. “This purchase secures a fully-leased class A asset at an ideal location and still offers strong rental growth opportunities beyond an attractive risk-adjusted return.
“Overall, this type of property checks off all of the boxes: great urban location, great tenants, and new high-quality construction and amenities,” Hess added.
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.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
