Login

JP Morgan Chase Strikes $479.4M Deal For Two Seattle Office Towers

Aggressive Bidding Yields High Return for Schnitzer West, Shows Promise for the Commercial Marketplace
By Michael Verostek
August 17, 2011 | 6:21 P.M.

Schnitzer West LLC has sold two adjacent office buildings in Seattle, WA last Wednesday, August 10th, to JP Morgan Chase & Co. for a total of $479.4 million between the two transactions. The first transaction was for the 36-story, 668,333-square-foot tower located at 1918 8th Ave., which sold for $350.1 million, or about $524 per square foot. The majority of the building is leased to Amazon, which signed a long-term lease for 22 floors of the Seattle skyscraper this past May. Schnitzer originally developed the building and began leasing in 2007. Despite sluggish initial tenant demand, the Amazon deal boosted the building occupancy rate to above 90 percent. The building was 94 percent occupied at the time of the sale.

This news story is available exclusively to CoStar subscribers.

Watch the video to learn how you can access industry leading CRE news and the data analytics you need to drive success.

This news story is available exclusively to CoStar subscribers.

Ready to Learn More?

Sign Up For a Personalized Demo.

Sign Up For a Demo To Learn More.

Already A Subscriber? Sign In

IN THIS ARTICLE