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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