Newmark Capital Markets has announced the sale of 501 Eastlake, a 103,494-square-foot five-story office building located in Seattle’s vibrant South Lake Union submarket. The property is 79 percent leased to a high quality and diverse tenant roster including the regional headquarters for Capital One.
Newmark Capital Markets Co-Head of US Capital Markets Kevin Shannon, Vice Chairman Pacific Northwest Nick Kucha, Managing Director Michael Moll, Executive Managing Director Tim O’Keefe and Director James Childress represented the seller LBA Realty in the $58.750 million transaction to the buyer Lincoln Property Company. The sale represented a $568 per square foot sale price.
501 Eastlake provides unique creative office space in one of the most dynamic and fastest-growing submarkets in the Puget Sound region. The property was built in 2002 and features an on-site athletic facility and abundant walkable amenities. It provides convenient access to 1-5 and SR 520 as well as close by access to South Lake Union streetcar.
“This is a highly coveted asset in Seattle’s most desirable market, South Lake Union,” said Shannon. “The size of this deal in the $50 million to $100 range for a multi-tenant asset was very attractive deal for capital and created significant bidding depth.”
According to Newmark, South Lake Union has absorbed 4.6 million square feet since 2011, pulling the area’s vacancy rate down to 5.4 percent in the fourth quarter of 2017. Over the same period, Class A office rents have risen over 70 percent as highly educated talent continues to fuel the submarket’s economic expansion.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.