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.