By Meghan Hall
It’s been a big week for office assets in Seattle, and another major deal has closed. On September 17th, American Life sold Home Plate Center for $251.25 million, or just around $735 per square foot, according to public records. The buyer is JPPF HPC LLC, a limited liability company affiliated with Atlanta-based Jamestown.
“With its large and growing tech industry, highly-educated workforce, and proximity to nature, Seattle continues to be one of the most desirable urban centers in the country,” said Michael Phillips, President of Jamestown. “We believe Home Plate Center presents a long-term differential value to a diverse range of tenants given its tremendous interstate access, ample parking, large floor plates, and location at the northern gateway of SoDo.”
Located at 1501 1st Ave. S., the two-building complex rises seven stories in height and totals 341,951 square feet. The property features state-of-the-art amenities including a great room lobby and plaza, large floor plates, floor-to-ceiling windows and more. Tenants also have access to a fully-wired building conference room, outside decks, bike storage and showers and lockers.
“Connectivity and relationships are at the heart of the Home Plate Center campus,” the property’s website states. “Sensitively designed to reflect the landscape and environment, its hospitality-style interiors and welcoming exterior spaces provide places for people to gather, including roof decks with inspiring views of Elliott Bay, Mount Rainier and the Seattle skyline.”
American Life initially placed the asset up for sale in January of this year with initial guidance of up to $270 million, according to previous reporting by The Registry. Brokerage firm Newmark was retained by the seller to arrange the deal. At the time it was posted for sale, the asset was 90 percent leased to a mix of tenants. Businesses in the building include Oculus, RealNetworks, NBC affiliate KING-TV, and the Bureau of Alcohol, Tobacco, Firearms and Explosives.
American Life has been the owner of the 2.15-acre property for nearly a decade. The firm is the original developer of Home Place Center, which it built between 2012 and 2013. The asset sits at the heart of Seattle’s South of Downtown neighborhood, steps from T-Mobile Park and Lumen Field. A wide variety of restaurants, including PSBL SoDo, FaveKitchens, Krispy Kreme and others, are located nearby.
“Home Plate Center represents a unique opportunity to acquire a newer vintage, multi-tenanted, Class A asset in Downtown Seattle, where most new construction investment offerings have been single-tenant transactions,” said Newmark’s Kevin Shannon. “This sale to Jamestown marks their first acquisition in Seattle which is a testament to capital’s belief in the continued leasing recovery and performance of the market.”
Jamestown is a design-focused real estate investment and management company, according to its website. Since its founding in 1983, the company has executed more than $35 billion worth of transactions. Its portfolio includes Chelsea Market in New York City, Ponce City in Atlanta, Ghirardelli Square in San Francisco, and others. Currently, its website lists no other assets in Seattle as part of its portfolio. Jamestown’s Premier Property Fund, the firm’s open-end, core-plus vehicle for institutional investors, focuses on office, retail and mixed-use assets in urban U.S. markets. As of June 30, 2021, the company had $12.4 billion in assets under management.