Seattle Office Development Commands $269M
BySeattle—A joint venture between RFR Holding and Tristar Capital has acquired Urban Union, a newly developed 290,647-square-foot, Class A office building in Seattle from Schnitzer West for $268.9 million.
Kevin Shannon, Ken White and Michael Moll of NGKF Capital Markets represented the seller in the transaction. The sale price represented the largest 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,” Kevin Shannon, NGKF’s president of West Coast capital markets, said in a prepared release. “This asset offered the buyer a secure credit investment opportunity with income growth.”…
