(EDITOR’S NOTE: According to public documents, the property traded for $270.1 million, or about $857 per square foot.)
Los Angeles, CA — Newmark Knight Frank (NKF) has completed the sale of Amazon at Apollo, a 12-story, state-of-the-art creative office building totaling 317,804 square feet. Located at 325 Ninth Avenue North in the South Lake Union submarket of Seattle, WA, the asset was built in 2015 as a build-to-suit for Amazon who leases the project on a long-term basis.
NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Michael Moll, and Vice Chairman Alex Foshay, in cooperation with NKF local market expert Executive Managing Director Jesse Ottele, represented the seller, Mirae Asset Global Investments. The buyer, a joint venture between Tristar Capital LLC and RFR Holding, was self-represented.
“This Class A property produced tremendous interest globally and is yet another example of foreign capital buying trophy Seattle assets,” said Shannon. “Mirae Asset Global Investments received strong cash flow during its holding period for this asset and garnered an attractive gain with this sale while avoiding the new increased excise sales tax which goes into effect in January.”
The LEED Gold certified property is situated on .98 acres and features open creative build-outs, on-site public bike racks, shower/locker facilities, four levels of subterranean parking, ground floor retail, and a landscaped private outdoor terrace with views of Lake Union and the city. The asset is also accessible to multiple modes of transit including the Seattle Streetcar, bus, light rail, Interstate 5 and Highway 99, and is walkable to an abundance of retail and dining amenities.
“With an office market vacancy rate of approximately 2.8 percent, the South Lake Union submarket of Seattle is one of the best performing markets in the nation. Some of the world’s most recognizable tech firms including Amazon, Facebook and Google have established significant footprints here,” said Moll. “Because of these dynamics, capital demand looking to invest in this market remains very high as the area continues to experience significant rental rate and property value appreciation.”
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management.