Newmark announces it has completed the sale of 1101 Westlake, a recently developed trophy office building measuring 153,708 square feet and located in downtown Seattle’s South Lake Union submarket. The building is 100% net leased to Meta Platforms, Inc. The property traded from Invesco Real Estate, a global real estate investment manager, to BioMed Realty for an undisclosed amount.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll, Executive Managing Director Ken White, Directors Rachel Jones and Jeff Hodson represented the seller in the transaction in conjunction with local leasing expert, Executive Managing Director Jesse Ottele. Newmark Vice Chairman Alex Foshay led the team’s foreign capital outreach as part of the marketing of the asset.
“Investment capital is looking for data points for office product especially and South Lake Union is a submarket for both office and life science that has clear positive fundamentals,” said Shannon.
Built in 2015, 1101 Westlake is a six-story, 153,708-square-foot creative trophy office building featuring LEED Silver Certification and spectacular water views of Lake Union. It is prominently located within Downtown Seattle’s South Lake Union submarket—one of the premier urban live- work-play neighborhoods in the United States and Seattle’s top-performing office submarket. Situated along Westlake Avenue North, the property enjoys proximity to multiple transportation options including the I-5 freeway, Highway 99 and the South Lake Union Streetcar. The location is also walkable to a numerous shopping, dining and entertainment amenities.
“The mark-to-market upside in conjunction with the credit, asset quality, deal size and South Lake Union location generated significant investor interest from a wide range of capital,” said Moll.”
The property is 100% net leased to Meta Platforms, Inc. providing the new owner with a highly coveted credit income stream backed by one of the world’s leading technology firms. Meta strategically moved into space at the nearby Dexter Station in 2015 and has since tremendously grown its South Lake Union footprint.
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