Frankfurt, Germany-based Deutsche Asset and Wealth Management's Alternatives and Real Assets (ARA) business acquired the West 8th office tower at 2001 8th Ave. in Seattle, WA on behalf of one of its investment funds.
AEW Capital Management sold the asset for a reported $370 million, according to public records, which would equate to roughly $743 per square foot. AEW acquired the property from Prudential and Touchstone for $278.68 million ($560 pSF) back in 2012, according to CoStar data.
See CoStar COMPS #2608924.
The 28-story, 497,798-square-foot, 5-Star premier office building was completed in 2009 in the Lake Union submarket of King County, near the city's CBD. It achieved LEED Platinum certification, and today is 98 percent occupied by Amazon.com, Casey Family Programs and Seattle Children's Research Institute. Ground floor retail space features Mistral Kitchen, Metropolitan Deli & Cafe and Starbucks.
"West 8th is located where Seattle’s most sought after commercial, residential and retail properties intersect to provide a true urban live, work, play experience," said Todd Henderson, head of real estate in the Americas for ARA. "This Class-A asset not only increases the quality of the portfolio, we believe it has the potential to provide investors with an attractive cash return for a high-quality office asset in a prime location."
The buyer financed the acquisition in part with $122.7 million in funding provided by The Prudential Insurance Company of America.
Both ARA and AEW, each boasting more than $50 billion in real estate assets under management, handled the direct sale in-house.
Please see CoStar COMPS #3526245 for more information on this transaction.