Another day, another sign of normalization for the commercial real estate industry. Specifically, the largest single-property real estate transaction in the country since the beginning of the pandemic has closed, according to Skanska Commercial Development USA.
South Korean financial group Hana Alternative Asset Management alongside Hana Financial Group will purchase a 95% stake in 2+U, a 38-story office tower and retail village in Seattle, for approximately $669 million. The 2+U building is a ground lease so factoring in the land price at roughly $150 to $200 per square foot would make the asset value even higher, GlobeSt.com learns.
Hana will acquire the asset from Skanska and immediately begin operations together with Hines asset management and property management. Skanska's involvement will continue in the project, with the completion of the ground plane and retail vision. The retail portion of the property is continuing to attract new tenants including two recently signed entities.
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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.
