SOUTH LAKE UNION, WA—GlobeSt.com has learned about a $133.6-million sale of the fee interest in the land beneath Phases I & II of the University of Washington School of Medicine Research Campus in South Lake Union, WA. Phases I & II are 100%, absolute NNN-leased to an entity of the University of Washington.
Phase I is located at 815 Mercer Street and Phase II is located at 850 Republican Street. According to a source close to the deal, the opportunity allows the buyer to own a 2.42-acre fully improved city block that is adjacent to Amazon.com's headquarters campus in Seattle's South Lake Union neighborhood.
NGKF's capital markets team of Kevin Shannon, Ken White, Michael Moll, and CBRE's Tom Pehl represented the seller, Vulcan Real Estate.
CBRE did not provide GlobeSt.com with any further information on the deal by press time, but we will update this story as we learn more.
Shannon previously told GlobeSt.com that “In the last five years, Seattle has clearly established itself as the sixth coastal gateway market along with NY, San Francisco, LA, DC and Boston for both domestic and foreign capital. Recent large office sales to Mirae Asset, GLL , Investcorp, Gaw Capital, Union, Pacific Eagle etc. shows clearly how global capital has migrated to Seattle from three different continents during the last year.” Shannon added that “Seattle doesn't struggle with the 'unicorn' tenant perception issue like San Francisco and has the best overall credit tenant profile of the three gateway coastal markets.”
The buyer for this deal was the Shidler Group. Phases I & II of the development include recently developed and renovated state-of-the-art life science and office improvements totaling approximately 345,000 square feet.
SOUTH LAKE UNION, WA—GlobeSt.com has learned about a $133.6-million sale of the fee interest in the land beneath Phases I & II of the University of Washington School of Medicine Research Campus in South Lake Union, WA. Phases I & II are 100%, absolute NNN-leased to an entity of the University of Washington.
Phase I is located at 815 Mercer Street and Phase II is located at 850 Republican Street. According to a source close to the deal, the opportunity allows the buyer to own a 2.42-acre fully improved city block that is adjacent to
NGKF's capital markets team of Kevin Shannon, Ken White, Michael Moll, and CBRE's Tom Pehl represented the seller, Vulcan Real Estate.
CBRE did not provide GlobeSt.com with any further information on the deal by press time, but we will update this story as we learn more.
Shannon previously told GlobeSt.com that “In the last five years, Seattle has clearly established itself as the sixth coastal gateway market along with NY, San Francisco, LA, DC and Boston for both domestic and foreign capital. Recent large office sales to Mirae Asset, GLL , Investcorp, Gaw Capital, Union, Pacific Eagle etc. shows clearly how global capital has migrated to Seattle from three different continents during the last year.” Shannon added that “Seattle doesn't struggle with the 'unicorn' tenant perception issue like San Francisco and has the best overall credit tenant profile of the three gateway coastal markets.”
The buyer for this deal was the Shidler Group. Phases I & II of the development include recently developed and renovated state-of-the-art life science and office improvements totaling approximately 345,000 square feet.
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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.
