SEATTLE, WA – July 18, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $67.5 million sale and the $55.4 million financing for the Central Building, an 8-story historic office property totaling 192,176 square feet in Seattle’s central business district.
The HFF team represented the seller, KBS Strategic Opportunity REIT, and procured the buyer, a joint venture between Brickman and GreenOak. Additionally, working on behalf of Brickman and GreenOak, the HFF team secured acquisition financing for the property through Invesco Real Estate, a global real estate investment manager.
The Central Building is located at 810 3rd Avenue and is considered a “walker’s and rider’s paradise” with Walk Scores® and Ride Scores® of 98 and 100, respectively. Nearby notable attractions include the Waterfront Park, Ferry Hub and CenturyLink Field, home of the Seattle Seahawks and Seattle Sounders. The institutional-quality property offers abundant natural light and air across large 20,750-square-foot typical floor plates. Originally built in 1907, the Central Building is 81 percent leased to a diverse tenant roster.
The HFF investment advisory team representing the seller included Dave Otis, Michael Leggett, Logan Greer and Kevin Freels.
HFF’s debt placement team representing the borrower consisted of Casey Davidson and Peter Smyslowski.
KBS is a private equity real estate company and SEC-registered investment adviser. Since its inception, KBS and its affiliated companies have completed transactional activity of more than $31 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbs.com.
Brickman is a New York based real estate investor and operator. It is a vertically-integrated investment management platform that has invested over $1.5 billion of equity, primarily through seven commingled private funds, on behalf of institutional and high net worth investors. Brickman has managed funds investing in value-add, and core-plus strategies through a mix of both equity and debt product utilizing its in-house property management, leasing and project management teams. The company has owned, operated, leased and asset-managed over 8.6 million square feet of office property, with a current office portfolio of 2.5 million square feet in eight markets across the United States.
GreenOak Real Estate (“GreenOak”) is an independent, partner-owned, real estate focused principal investing and lending firm that seeks to provide strategic advice and create long-term value for its clients and investors. Since 2011, GreenOak has raised in excess of $7.5 billion of discretionary equity from institutional investors for real estate lending and investment in Europe, the US and Asia, and has acquired approximately $10 billion of assets. GreenOak has offices in London, Madrid, Milan, Luxembourg, New York, Tokyo, Los Angeles and Seoul, with over 90 professionals in dedicated local teams having local knowledge, experience and extensive networks in each market.
About Invesco Ltd.
Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with US$64.8 billion in real estate assets under management, 484 employees and 21 regional offices across the U.S., Europe and Asia*. Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd.
*All data is as of 3/31/2018
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.