Blackstone Group LP subsidiary Equity Office Properties has sold Westlake Steps, a mixed-use redevelopment site near downtown Seattle, to Vancouver, WA-based developer Holland Partners.
The sale for a reported $80 million includes 5.5 acres of land on the Lake Union waterfront and three existing buildings totaling 102,215 square feet, according to Jones Lang LaSalle Capital Markets, which announced the sale. Managing directors Stuart Williams, Ann Chamberlin, Lori Hill and David Young and senior vice presidents Corey Marx and Seth Heikkila led the JLL team.
The zoning for Westlake Steps allows residential, office/life sciences, retail and hotel uses. Amazon, Microsoft, the Bill & Melinda Gates Foundation, Nordstrom, Salesforce.com and Tommy Bahama are among the major firms leasing office space
in the area. At the end of the third quarter, the Lake Union submarket office vacancy rate was only 8%, and the multifamily vacancy rate has hovered around 4%.
Williams called the city "an unbeatable location for a mixed-use redevelopment, with views of both Lake Union and downtown Seattle and located between the major arterials of Westlake Avenue North and Dexter Avenue North.
"Simply put, a mixed-use property will thrive in this dynamic area of Seattle and Holland Partners is now in a prime position to capitalize upon that," Williams said.