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Brickman, GreenOak Pay $43.3M for Joseph Vance and Sterling Bldgs

Jonathan Rose Cos. Sells Historic Downtown Seattle Offices
January 31, 2018
A joint-venture between Brickman and GreenOak Real Estate, both New York-based real estate investment firms, acquired the Joseph Vance and Sterling Buildings in downtown Seattle from Jonathan Rose Cos. LLC, also a New York investor, for $43.3 million, or approximately $331 per square foot. The buyer also secured $35.5 million in acquisition financing.

Originally built in 1929, the 112,686-square-foot Joseph Vance Building was renovated in 1998, while the 18,100-square-foot Sterling Building was renovated in 2002. The LEED EB Gold-certified project has been recognized by the Urban Land Institute, the American Institute of Architects, the National Trust for Historic Preservation and the City of Seattle as a model of green office retrofits.

Both buildings are positioned along the Link and King County Metro transit lines, located one block from the Pike-Pine retail corridor, five blocks from the Waterfront development and one block from the Rainier Square Tower redevelopment.

At the time of the sale, the assets were 96 percent leased.

The Holliday Fenoglio Fowler LP (HFF) advisory team of Dave Otis, Michael Leggett, Gerry Rohm and Logan Greer represented the seller in the transaction. Casey Davidson and Peter Smyslowski of HFF’s debt placement team arranged the financing on behalf of the borrower.

Please see CoStar COMPS #4110705 for more information of this transaction.
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