September 20, 2021 9:00 AM
Newmark Knight Frank (“Newmark”) announces it has completed the sale of the land beneath the Residence Inn by Marriott in Seattle’s South Lake Union neighborhood for a total of $80 million.
Vice Chairman Victor Frandsen, Executive Managing Director Alan Polacsek and Director Manuel Breidenbach of Newmark’s Global Corporate Services division have managed Newmark’s broker relationship with Lumen Technologies on real estate transactions worldwide for over 20 years. The team engaged with Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Director Ken White, in cooperation with Executive Managing Director Tim O’Keefe, to arrange the sale on behalf of the seller, Qwest Corporation, an operating company owned by Lumen Technologies.
“By utilizing Newmark’s collective resources, we were able to monetize the value of the land which was encumbered by a long-term lease to successfully execute on Lumen’s goals, despite the setbacks of COVID-19,” said Frandsen.
Shannon added, “South Lake Union remains the tightest submarket in Seattle by far for both life science and office product, despite the pandemic. While alternative uses were explored for these improvements at the height of the pandemic, the clear recovery occurring in hospitality motivated the buyer to purchase this land.”
The buyer purchased the hotel itself, located at 800 Fairview Ave. N., in 2006 and entered into a contract to acquire the land beneath the hotel in Q2 2021.
The property is centrally located in South Lake Union and in proximity to major employers including Amazon and Facebook. There are several eateries – Portage Bay Cafe, I Love Sushi on Lake Union, Duke’s Seafood and LOCAL Public Eatery – within walking distance of the property.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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