German Financial investment Company Adds Second Building in Seattle Rented to Online Retail Giant
Union Investment recently added to its growing Seattle home portfolio, purchasing the 21-story Midtown21 office building at 1007 Stewart St. for $330.2 million, or around $884 per square foot.
Amazon announced strategies to rent the brand-new 373,000-square-foot building last fall. Union Investment, a property financial investment firm based in Hamburg, Germany, acquired the building from a joint endeavor of MetLife Property and Trammell Crow Co., which established the workplace tower in 2015 in the Denny Triangle within the South Lake Union submarket.
The German investment company stated it plans to transfer Midtown21 to its open-ended real estate fund Unilmmo: Europa, which concentrates on European acquisitions however also gets homes overseas. The fund already owns 2 other office complex and a hotel in Seattle, consisting of the north and south structures developed as Stage VI of Amazon’s headquarters complex at 515 Westlake Ave. In March, Union Investment got the Hilton Garden Inn Hotel, located near the Midtown21 office tower.
“Seattle’s Denny Triangle is currently a first-rate submarket,” stated Willis Kim, Head of U.S. West Coast and Canada for Union Financial investment Real Estate GmbH. “Going forward, the quality of the place will continue to improve, for instance through the expansion of the Washington State Convention Center and substantial investment in local facilities with the extension of the city rail system.”
Todd Tydlaska and Tom Pehl of CBRE marketed the home on behalf of the sellers. Please refer to CoStar COMPS # 3929160 for additional information on this transaction.