The Seattle Area Ranked Among the Leading Markets Nationally for Major Office-Property Sales in 2019

Seattle and Bellevue, New York and California’s Bay Area dominated the ranking of last year’s biggest office-property deals
Updated: Thu, 01/30/2020 - 09:50
  • Seattle and Bellevue, New York and California’s Bay Area dominated the ranking of last year’s biggest office-property deals

Eight of the top 50 office-property sales in the nation in 2019 took place in the Seattle area.

The Seattle-area office deals involved a total sales-transaction value of nearly $4.3 billion ― representing 35% of the $12.2 billion worth of office-property sales in the West that made the list of the Top 50 largest office deals of 2019, according to an analysis by commercial real estate blog Commercial Café.

The second-ranked region in terms of the total value of deals making the top 50 list was the Northeast, which notched $9.6 billion in office-building sales. It also claimed the second largest office-property transaction for the period ― the $937 million sale of The Coca-Cola Co. building in New York City, which was sold by Wafra Capital Partners to buyer SHVO. First on the Top 50 list of largest office deals for 2019 was the $1 billion sale of the Yahoo! Sunnyvale Complex in Sunnyvale, California, by Yahoo! To buyer Google.

The eight Seattle-area office buildings making the Top 50 list are all located, predictably, in Seattle and Belleview. The top deal in the area, at No. 8 on the list, was the $756 million sale by owner Hines Interests to KKR of the Bellevue-based Summit I and II office complex ― which includes a third building under construction.

The next largest Seattle-area deal last year ranked 9th on the Top 50 list ― the $740 million sale of the Amazon-occupied Houdini North and South office buildings in Seattle’s Lake Union neighborhood. The complex was sold by Urban Renaissance Group to Ponte Gadea, which is a real estate company controlled by Spanish billionaire Amancio Ortega.

“In particular, it was Class A office spaces in California — particularly in the Bay Area — and Washington’s Seattle and Bellevue areas that attracted most of the attention in the previous 12 months,” Commercial Café reports. “Using data from Yardi Matrix, we reviewed all office buildings of at least 50,000 square feet and mixed-use properties that have more than 50% office space.”

The biggest office deals in the Seattle area in 2019, and their rank on the Commercial Café Top 50 List, are as follows:

8. Property, the Summit I and II, Bellevue; sales price, $756M; buyer, KKR; seller, Hines Interests.

9. Property, Amazon’s Houdini South and North office buildings, Seattle, sales price, $740M; buyer, Ponte Gadea; seller, Urban Renaissance Group.

15. Property, Bravern Office Commons – Braven 1 and 2, Bellevue; Sales price, $585M, buyer, Invesco Real Estate; seller, Principal Global Investors.

18.) Property, 800 Fifth Ave., Seattle; Sales price, $540.4M, buyer, EQ Office; seller, Hines Interests.

24. Property, Newport Corporate Center Portfolio, Bellevue; Sales price, $467.5M; buyer, Preylock Real Estate Holdings; seller, Invanhoe Cambridge.

25.) Property, F5 Tower, Seattle; Sales price, 458M, buyer, KKR; seller, Daniels Real Estate.

31. Property, Arbor Blocks 300 & West, Seattle; sales price, $415M; buyer, Ponte Gadea; seller, Vulcan Real Estate.

47. Property, 589 Fifth Ave., 901 Fifth, Seattle; sales price, $304.5M; buyer, Vanbarton Group; seller, Schnitzer West.

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