NGKF Capital Markets has completed the $268.9 million sale of Urban Union, a newly developed 290,647-square-foot, Class A office property in Seattle, WA. The 12-story property is fully occupied and was delivered in 2016 by developer Schnitzer West. The asset sold for approximately $925 per square foot, which represents the highest price per square foot ever paid for an office property in the Seattle region.
“Urban Union is a high quality, amenitized office asset located within the South Lake Union neighborhood, one of the nation’s top performing urban office submarkets,” said NGKF’s President of West Coast Capital Markets, Kevin Shannon. “This asset offered the buyer a secure credit investment opportunity with income growth.”
Located at 501 Fairview Avenue N., the asset is LEED Gold certified. It includes amenity features such as Schnitzer West’s signature “Great Room” concept, which is wrapped with a stunning two-story sculptural wood wall and an iconic glass blue cube that warms the entry; The Lookout, an outdoor deck and rooftop lounge area offering views of downtown Seattle and the Space Needle; a bike storage center; and 6,573 square feet of ground floor retail space.
Urban Union is located within the heart of Seattle’s South Lake Urban submarket and is adjacent to Amazon’s six-million-square-foot headquarters. It is also within one block of Google’s 600,000-square-foot campus development project; is centrally located just one block from Interstate 5; and is within walking distance to multiple modes of public transit.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.