(EDITOR’S NOTE: According to public records filed with the county, the property sold for $52.9 million, or just over $560 per square foot.)
Seattle, WA, October 31, 2019 – Newmark Knight Frank (NKF) has advised on the sale of 101 Stewart Street in Seattle. Known as “First and Stewart,” the 94,333 SF, Class A building is located near the epicenter of Seattle’s Central Business District.
NKF Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll and Director James Childress represented the seller, L&B Realty Advisors of Dallas, Texas. Also advising on the deal were NKF Executive Managing Director Jesse Ottele and Executive Managing Director Tim O’Keefe.
The buyer, DWS, formerly known as RREEF, was self-represented. NKF represented L&B Realty Advisors through all stages of the marketing, due diligence, and sales process.
According to Nick Kucha: “Selling a building of this size and quality is rare in downtown Seattle today. We received interest from several domestic investors, but were delighted to work with DWS on behalf of L&B Realty Advisors.”
According to James Childress: “First & Stewart represents a “creative office jewel box.” With its permanent and cascading views of the Puget Sound, its highly desirable location adjacent to Pike’s Place Market, proximity to Seattle’s waterfront transformation, and topped off with L&B’s significant property modernizations, the opportunity was truly one-of-a-kind.”
First & Stewart is located where the Pike Place Market, Belltown the Retail Core and the central business district converge.
As the original Seattle location for Silicon Valley immigrant tech companies, such as Facebook, Snapchat, and DOXO, First and Stewart has been a vital part of the tech talent migration to Seattle.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.