SEATTLE (September 20, 2018) – San Francisco-based commercial real estate investment firm Graham Street Realty (GSR) has acquired a unique, multi-tenant office building in Seattle’s Interbay neighborhood. The deal closed on August 23rd for a purchase price of $19.5 million. The seller was Seattle-based Goodman Real Estate.
“We are excited to acquire this one-of-a-kind office property in Interbay, which is quickly transforming into a significant nexus between some of Seattle’s most dynamic residential neighborhoods and downtown,” said David Messing, comanaging principal of Graham Street Realty.
The 64,024 square foot property, located at 1631 15th Avenue W, offers unique, loft-style offices attractive to small and medium-sized tenants. The property was built in 2013 and has maintained occupancy above 90% since opening. The building features significant shared amenities, similar to common coworking spaces that have become popular in recent years. These include rentable conference rooms, free courtyard and common space Wi-Fi, an on-site fitness lounge, on-site property management, and 24-hour security monitoring. On-site parking, both covered and uncovered, is also available for visitors and leasable for the building’s tenants.
The loft work spaces are each roughly 1,000 square feet and feature complete kitchens and bathrooms as well as operable windows and mezzanine storage. The property’s contemporary architecture includes painted corrugated metal and cement fiber exterior walls, exposed vaulted ceilings, stainless steel appliances, and polished concrete floors. Upon acquisition, management of the property was transitioned to GSR affiliate Paramount Property Company, an Oakland based company.
Seattle continues to be a national leader for population growth, and Forbes ranked the city third for “Best Places for Business and Careers” in 2017. Expedia’s announcement that they will move their corporate headquarters to the Interbay neighborhood in 2019 has brought a spur of redevelopment and interest to the immediate area, as approximately 3,000 employees are expected to relocate to the 40-acre waterfront campus in the next two years. Construction activity across the city has also continued to surge, with approximately 4.5 million square feet of Class A office space under construction.
This acquisition marks the 10th property in GSR’s portfolio. To learn more about the Interbay Work Lofts, visit www.interbayworklofts.com.