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MetLife, Clarion Partners Pay $548.8M for Seattle High-Rise

JV Sells Second Tallest Building in Seattle
November 14, 2012
MetLife Real Estate Investments and Clarion Partners acquired the 55-story 1201 Third Avenue Building in Seattle, WA from a joint-venture of Wright Runstad & Co., Beacon Capital Partners LLC and Shorenstein Properties LLC for approximately $548.78 million, or about $461 per square foot.

According to CoStar data, this is the largest commercial acquisition in King County this year. The asset, the second largest building in Seattle, was 87 percent leased at the time of sale.

Delivered in 1988, the historic office tower at1201 3rd Ave. totals 1.19 million square feet and was once the headquarters for Washington Mutual. The building features on-site management, fitness center and day care. In 2011, it was awarded LEED certification at the Platinum level by the U.S. Green Building Council. It is also a three-time Energy Star recipient.

Jason Flynn of Eastdill Secured LLC represented the seller in the sale.

Please see CoStar COMPS #2590092 for more information on this transaction.

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