By Jack Stubbs
On Wednesday, September 27th, Brickman, a New York-based real estate investor and operator of commercial office properties, acquired two properties in downtown Seattle for a combined $35.05 million, according to public records filed with King County. The seller of the two assets—the Miken Building on Fourth Ave. and the Broderick Building on Second Ave.—was HRA Broderick LP and HRA Miken LP, an entity affiliated with Jeffrey D. Kohn. The seller shares the same address as Hannay Realty Advisors, a privately-held commercial real estate investment firm based in Phoenix, Arizona.
Brickman acquired the Broderick Building in the Pioneer Square neighborhood of Seattle for $20.25 million, or approximately $291 per square foot, and bought the Miken Building for $14.8 million, or roughly $315 per square foot.
Brickman did not respond to calls for comment about the transactions in time for the publishing of this story.
The Broderick Building, located at 615 Second Ave. in the heart of Pioneer Square, is a seven-story Class B property that was built in 1900 and totals 69,451 square feet, according to the property listing on commercialcafe.com. There are currently 7,550 square feet of office space available across three floors in the building at a rental rate of $34 per square foot.
According to Google Maps, some of the current tenants in the Broderick Building include Washington State Democratic Party, Northwest Immigrant Rights Project and software company KenSci.
Hannay Realty Advisors, who is listed as the management company of the Broderick Building and the Miken Building, did not respond to calls for comment about the recent transactions. CBRE, who is listed as the leasing broker for the properties, did not respond to a request for comment.
The Miken Building, located at 1417 Fourth Ave. in downtown Seattle, is an eight-story, 46,859 square foot Class B office and retail building built in 1908 and renovated in 1999. According to the property listing on CBRE’s web site, some of the features of the asset include an art deco terra cotta facade, a lobby with vaulted ceilings and extra storage in the basement of the building. According to the property flyer, there are currently 6,147 square feet available for lease on the second floor.
Founded in 1993, Brickman is a vertically-integrated investment management platform that has invested over $1.5 billion of equity through six commingled private funds on behalf of institutional and high net worth investors, according to the company’s web site. The company has owned, operated and leased over 8.6 million square feet of office property, with a current office portfolio of 2.3 million square feet in eight markets across the U.S.
Along with the recently-acquired Broderick Building, Brickman’s other Seattle properties include The Pacific Building located at 720 3rd Avenue, the Olympic Block Building located at 101 Yesler Way and the Vance and Sterling Buildings.
Brickman has been active in Seattle over the last few months. In early January 2018, the company acquired the Vance and Sterling Buildings located at Third Avenue at Union Street in downtown Seattle—which comprise roughly 121,000 square feet—for $43.3 million, or a combined $357 per square foot, from New York-based Jonathan Rose Companies. And in mid-July, as part of a joint venture with GreenOak, Brickman acquired the historic 8-story Central Building located at 810 Third Ave. for $67.5 million, or roughly $351 per square foot, from KBS Strategic Opportunity REIT.