By Jon Peterson
Seattle-based American Life has placed on the market for sale the Home Plate Center office and retail asset in Seattle. The potential price point on the sale could be somewhere in the area of $275 million, according to sources familiar with the sale of the property. If that pricing is reached, the transaction would come in at around $804 per square foot.
This asset is owned by a limited partnership of which American Life is the managing general partner, according to a statement made by the company in an email. The property owner otherwise declined to comment on the planned sale.
The listing agent on the sale is Newmark. One of the people working on the sale is Kevin Shannon, co-head of US capital markets for Newmark. He works out of the company’s office in Los Angeles.
“Given the makeup of this property, we would expect that the asset would attract a mixture of core and core plus investors that would be interested in the property,” said Shannon.
The asset is over 90 percent leased at this time. The main tenants in the property include Oculus, RealNetworks, the NBC affiliate KING-TV, Seattle Credit union and the Bureau of Alcohol, Tobacco, Firearms and Explosives. In-place rents in the property are a slightly below market, according to some estimates, so the new owner would have the chance to add some value in the future by bringing the rents to market.
Home Plate Center is a two-building complex that has seven floors in each building with a total square footage of 341,951 square feet, according to the American Life website. The address of the project is 1501 First Avenue South, and it is situated at the nexus of the Pioneer Square Historical Area and the SODO industrial district of Seattle.
American Life is the original owner of the property. The asset was developed in 2012 and 2013. The land area of the project is 93,780 square feet. The complex is located due west of both of the city’s sports stadiums for football/soccer and the baseball field for the Seattle Mariners. It is also in close proximity of Starbuck’s world headquarters and the Seattle Waterfront.