Thursday, February 18, 2016

$129.3 million sale of core Class A mixed-use property in Seattle’s South Lake Union submarket sold by HFF

                                                                  (Photo by Red Studio Inc.)

Alley24 Office Building, 221 Yale Avenue North, South Lake Union submarket, Seattle, WA

Todd Tydlaska

                                                                  PORTLAND, OR  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Alley24, a 215,402-square-foot, core Class A office building with ground floor retail in Seattle’s South Lake Union submarket.

HFF marketed the property on behalf of the sellers, Vulcan, Inc. and PEMCO Insurance Co.  MetLife purchased the asset for $129.3 million and assumed an existing life insurance company loan.   
Alley24 is located at 221 Yale Avenue North in South Lake Union, Seattle’s epicenter of industry and innovation and one of the first LEED Certified green neighborhood plans in the nation boasting a Walk Score® Index of 95. 

Completed in 2006, the property was one of Seattle’s first mixed-use projects to earn LEED certification and features sustainable elements such as abundant natural daylight, operable windows, low energy and water flow fixtures, automatic sun-tracking sun shades and environmentally sensitive building materials.

  The 85-percent-leased property serves as the corporate headquarters for architectural firm NBBJ.  Additional tenants include Skanska and Cole & Weber.  Alley24 offers tenants two roof decks, operable windows with sun-tracking shades, flexible floor plans, and ground floor retail.

Nick Kucha
The HFF investment sales team representing the sellers was led by senior managing directors Todd Tydlaska, Nick Kucha and Michael Leggett, who is the co-head of HFF’s West Coast team.

According to Tydlaska, “Alley24 is one of the only true mixed-use assets in the South Lake Union submarket, a centrally-located, high-amenity, pedestrian-oriented location that has maintained historical occupancy of more than 96 percent since it was completed. 

 Most significantly, banner tenants NBBJ, Skanksa and Cole & Weber have occupied the building since it was delivered in 2006.”

Kucha added, “The opportunity to acquire a core asset in South Lake Union attracted domestic as well as foreign capital and we were pleased to have a deep buyer pool for this asset.” 

For a complete copy of the company’s news release, please contact: 

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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