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SEATTLE, WA – American
Realty Advisors and Vulcan Real Estate announced Vulcan’s sale of 2201 Westlake
Avenue, a fully-leased best-of-class office/retail property in the heart of
South Lake Union, to American.
The building is currently leased to
high-profile office and retail tenants, including Amazon and global health
innovator, PATH.
Located at the corner of
Westlake Avenue and Denny Way, 2201 Westlake is a 12-story 317,000 square-foot
LEED Gold certified high-rise building developed by Vulcan in 2009.
“Opportunities to acquire
a newly-constructed building with high-quality tenants at a ‘Main and Main’
location are rare,” said Drew Hess,
Senior Director, Investment Group for American.
“This purchase secures a
fully-leased Class A asset at an ideal location and still offers strong rental
growth opportunities beyond an attractive risk-adjusted return.”
“Overall, this type of
property checks off all of the boxes: great urban location, great tenants, and
new high-quality construction and amenities,” said Hess.
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| Drew Hess |
“We were very pleased by
the broad interest we received from institutional investors,” said Ada M. Healey, Vice President of Real
Estate for Vulcan Inc.
“The pricing reflects both the exceptional quality of
the asset and the highly-desirable characteristics of the Seattle office
market.”
In the last decade, more
than $6 billion in public infrastructure and private development has been
invested into the South Lake Union neighborhood, driving significant growth for
Seattle.
As a result, the area has become one of the West Coast’s top-tier locations
for leading firms in global health and technology.
CBRE handled the
transaction with a team led by Kevin
Shannon and supported by the local CBRE office.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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