Home AEC EQ Office Buys Two Seattle Assets for $1.2B

EQ Office Buys Two Seattle Assets for $1.2B

EQ Office Seattle Blackstone US Bank Centre 999 Third Avenue Ivanhoe Cambridge Puget Sound real estate investment commercial real estate
999 Third Avenue

EQ CEO Lisa Picard returns to her roots to reshape Seattle’s landscape, company becomes one of the largest commercial real estate owners in the Central Business District

(EDITOR’S NOTE: According to a statement by the firm, the company is spending $1.2 billion to purchase two assets and will invest additional money on the repositioning of the properties, which it was confirmed was not certain at this point. Ivanhoe Cambridge was the seller on both properties.)

SEATTLE, June 28, 2019 — EQ Office, the U.S. office portfolio operating company wholly owned by Blackstone, today announced the acquisition of two office buildings in Seattle – U.S. Bank Centre and 999 Third Avenue – increasing EQ’s investment to 3.1 million rentable square feet of the Class A office market in Seattle. EQ will manage both properties, and reposition them to accommodate Seattle’s evolving workforce by bringing energy, convenience and optionality that will rival the experiences of Seattle’s best neighborhoods.

EQ Office Seattle Blackstone US Bank Centre 999 Third Avenue Ivanhoe Cambridge Puget Sound real estate investment commercial real estate
U.S. Bank Centre

Both buildings are Class A office assets that are currently occupied by tenants such as U.S. Bank, DocuSign and Wells Fargo. The buildings are well-located in the Central Business District with excellent access to transit and strong view corridors. 

“Seattle’s high quality of life is economically approachable to the young talent that growing companies seek to attract. Combine the lower cost of living relative to other tech markets with access to top academic institutions such as the University of Washington, and you have a recipe for sustained growth,” said Lisa Picard, EQ President and CEO. “Not to mention, I’ve lived here for over 20 years and love the energy of the upper left.”

EQ currently manages two properties in Seattle, The Exchange and 800 Fifth Avenue. With this latest acquisition, the company’s presence in the city has doubled. EQ will reposition the new Seattle properties to enhance the overall tenant experience. U.S. Bank Centre will feature a reimagined retail marketplace that will cater to both office tenants and downtown Seattle residents, while 999 Third Avenue will have an improved exterior plaza area. EQ has successfully repositioned several buildings across the country, including Park Avenue Tower in New York, Playa District in Los Angeles and Willis Tower in Chicago, giving today’s talent more of what they crave. 

For more information about EQ and Seattle leasing opportunities, visit www.eqoffice.com. 

About EQ Office

At EQ Office, we partner with business leaders to find, design and manage balanced workspaces with the intention of helping to inspire talent. What began as Equity Office Properties more than 40 years ago, EQ Office has evolved to reflect a new kind of emotional intelligence required for the rapidly shifting workplace. EQ focuses on the experience of its 36 million square feet – how space feels, activates and performs. We’re proud to work hand-in-hand with more than 2200 customers of all sizes, from Fortune 100 companies to emerging startups, to bring humanity back to the work place. Our diverse team of 200+ professionals is responsible for creating inspired office environments in major cities across the country including Chicago, New York, Boston, Los Angeles, San Francisco and Seattle. As a U.S. office portfolio company wholly owned by Blackstone’s real estate funds, we have the resources to lead the changes happening in work space. Explore your space for greatness at www.eqoffice.com.