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| (Photo by Red Studio Inc.) Alley24 Office Building, 221 Yale Avenue North, South Lake Union submarket, Seattle, WA |
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| 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.
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| 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
Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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