Home Commercial Commonwealth Realty Trust Lists 88,000 SQFT Amazon-Leased Seattle Building for Sale

Commonwealth Realty Trust Lists 88,000 SQFT Amazon-Leased Seattle Building for Sale

Amazon, Seattle, CBRE, Vulcan Real Estate, Commonwealth Realty Trust, Karigo LLC, South Lake Union, Puget Sound, CollinsWoerman, Tommy Bahama

By The Registry Staff

Seattle’s South Lake Union neighborhood could soon see more sales activity with the property listing of an Amazon-leased boutique office building spanning 88,514 square feet. According to a marketing brochure from CBRE, which has the listing, the six-story office building is currently under a net lease to anchor tenant Amazon until March 2027. Pricing guidance was not released.

CBRE’s Tom Pehl, Charles Safley, Chais Lowell and Todd Tydlaska are the brokers for the property.

Located at 428 Westlake Ave. N, the property was developed by Vulcan Real Estate in 2004 and features five levels of creative office space, offering the flexibility for potential future conversion to life science facilities. Vulcan sold the building in 2017 for $81.5 million or $924 per square foot, according to The Registry’s previous reporting. The buyer and current owner is an entity called Karigo LLC, which is affiliated with Commonwealth Realty Trust. Commonwealth has addresses in New Jersey and Maryland.

Comprising a total of 88,514 rentable square feet, 428 Westlake is divided into office and retail spaces, according to the marketing brochure. The office area spans 80,978 rentable square feet, while the retail section encompasses 7,536 rentable square feet. The typical floor plate size spans 16,500 square feet with flexible space options for tenants. Additionally, the property includes a parking garage with 130 vehicle stalls.

“428 Westlake is ideally located in the heart of Seattle’s South Lake Union neighborhood – one of the most dynamic and best performing submarkets in the United States,” the brochure states. “This boutique asset offers investors entrance into the South Lake Union submarket where trades have historically averaged over $240 million and over $1,000 per square foot.”

Amazon moved into the building in 2017 and at the time occupied all five floors of office space in the six-story building. The 5,000 square feet of ground-floor retail space was occupied by other tenants.

Designed by CollinsWoerman, the 428 Westlake Building was originally a build-to-suit office for Tommy Bahama’s corporate headquarters. Prior to Amazon’s lease, the office space in the building was empty for about a year after Tommy Bahama moved to a larger space elsewhere in the neighborhood.