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| Bay Vista, 2815 2nd Avenue, Seattle, WA |
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| Erica Christensen |
PORTLAND, OR –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $33.65 million sale of
and arranged $25.5 million in financing for Bay Vista, a 119,793-square-foot, mixed-use commercial condominium
with 173 underground parking stalls in Seattle, Washington.
HFF marketed the property
on behalf of the seller, The Carlyle Group, and procured the buyer, Madison
Marquette Realty Services.
Additionally,
HFF arranged a $25.5 million, floating-rate loan through Natixis Real Estate
Capital LLC for the new owner.
Loan
proceeds were used to acquire the property and fund future capital expenditures
and re-tenanting costs.
Bay Vista is located at 2815
2nd Avenue just north of the Seattle Central Business District, southwest of
South Lake Union and less than half of a mile south of Seattle Center, home to
the Space Needle, Pacific Science Center and Key Arena.
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| Nick Kucha |
With a Walk Score® of 98, the property boasts
an amenity-rich location with close proximity to numerous mass transit options
including bus routes, streetcar lines, bike lanes and car sharing
locations.
The offering comprises 12
commercial condominium units within the first five floors of the building.
The 18 floors above Bay
Vista, which were not part of the offering, consist of privately-owned
residential condominium units.
Tenants
at the 88-percent-leased tower include Welfare & Pension Administration
Services, Committee for Children, State of Washington: Board of Industrial
Insurance Appeals, Syntegrity, Maul Foster, Team Soapbox and Epic Team
Adventures.
The HFF investment sales team representing the seller was led by
senior managing directors Nick Kucha and Michael Leggett, who is also
co-head of HFF’s West Coast team.
HFF’s debt placement team
was led by managing director Mark
Remington and associate director Erica
Christensen.
“Bay Vista has been
repositioned as the dominant, technology-oriented office destination for
millennial users and since 2015, new leasing activity at the property has been
100 percent dominated by STEM and creative tenants,” said Kucha.
"Natixis delivered as
promised, and Madison Marquette acquired an asset that is well-positioned to
significantly increase in value once it applies its magic," added
Remington.
For a complete
copy of the company’s news release, please contact:
Kristen Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax
617.338.2150 | www.hfflp.com
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