(EDITOR’S NOTE: The Registry had previously reported on this sale in July of 2021 with pricing at $465MM. The property was 91 percent leased at the time of the sale to 19 tenants.)
Seattle – September 1, 2021 – CBRE has announced the sale of Safeco Plaza, an 810,493-square-foot, multi-tenant office tower in downtown Seattle, to Boston Properties for $465 million.
CBRE’s Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan, Chris Ludeman, Russell Ingrum, Chais Lowell and Brandon McMenomy represented the seller, Vestas Investment Management advised by Macquarie Asset Management (MAM).
Located at 1001 Fourth Avenue, Safeco Plaza occupies a full city block in the Seattle Central Business District and offers panoramic views of the Seattle skyline and Olympic Mountains. The property, which was 91 percent leased at the time of sale to 19 tenants, is anchored by Liberty Mutual Insurance Company, which occupies approximately 500,000 square feet, or 66 percent of the building. Other major tenants include Fox Rothschild, Interior Architects and Helsell Fetterman.
“Safeco Plaza is an iconic trophy asset in the heart of Seattle, offering best-in-class amenities and access to the area’s retail, entertainment and cultural destinations,” said CBRE’ Pehl. “High average occupancy in the last 20 years demonstrates the long-term appeal of the asset and the location.”
Safeco Plaza features a subterranean parking garage, fitness center and locker rooms, conference rooms and efficient floor plates. Over the last 15 years, renovations at the property include a full lobby renovation, building amenity upgrades, elevator modernization, system upgrades and tenant improvements. The building is LEED Platinum certified.
The property is a short walk from the Seattle waterfront and the area’s retail core, providing accessibility to dozens of the area’s most popular retail, dining and entertainment options. Additionally, it is nearby to various transportation systems, including the light rail, bus and ferry routes and is only blocks from Interstate 5.