SEATTLE—The South Lake Union/Denny Triangle submarket remains healthy, more so than many other US office markets, say CRE experts specializing in the Seattle market. One lofty example is 1918 Eighth Ave., a 668,886-square-foot office tower, which was recently purchased for $625 million. Hudson Pacific Properties and Canada Pension Plan Investment Board acquired the asset.
Newmark's co-head of capital markets Kevin Shannon, vice chairman and divisional head of international capital markets Alex Foshay, and executive managing directors Ken White and Rob Hannan, in cooperation with vice chairman Nick Kucha, represented the institutional investor/seller advised by JP Morgan Asset Management. Newmark's vice chairman David Milestone and senior managing director Brett Green procured new financing for the buyer.
"Since the onset of the pandemic, Seattle has emerged as one of the top-performing office markets in the nation," said Shannon. "The fundamentals are clearly healthier and the recovery of office-using jobs since the second quarter is far stronger than any other major market nationally, which is contributing to the resilience of its fourth-quarter sales velocity."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
