SEATTLE, WA – January 29, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $43.3 million sale of and the $35.5 million financing for The Vance and Sterling Buildings, totaling 130,786 square feet in downtown Seattle, Washington.
The HFF team represented the seller, Jonathan Rose Companies, and procured the buyer, a joint venture with Brickman Fund VII, L.P. and GreenOak. Additionally, working on behalf of Brickman, the HFF team secured acquisition financing for the property.
Located at 1402 3rd Avenue, The Vance and Sterling Buildings are situated in the heart of Seattle’s central business district along the Link and King County Metro transit lines. The buildings are located one block away from the highly trafficked Pike-Pine retail corridor, five blocks from the Waterfront development project and a single block from the Rainier Square Tower redevelopment. Originally built in 1929, The Vance Building is a 14-story tower. The Sterling Building was built in 1910 and features three stories of office and retail space. The LEED EB gold certified project has been recognized by the Urban Land Institute, the American Institute of Architects, the National Trust for Historic Preservation and the City of Seattle as a model of green office retrofits.
The HFF investment advisory team representing the seller included Dave Otis, Michael Leggett, Gerry Rohm and Logan Greer.
HFF’s debt placement team representing the borrower consisted of Casey Davidson and Peter Smyslowski.
About Jonathan Rose Companies, LLC
Jonathan Rose Companies, Inc. is an award-winning real estate investment, development and project management firm whose mission is to repair the fabric of communities. The firm is nationally recognized for its ability to achieve visionary goals through practical, duplicable strategies. The firm acquires, develops, and acts as a consultant to assist not for profits with transit-oriented, green, mixedincome residential, innovative office, civic, education and health serving projects. Jonathan Rose Companies has developed more than $1.5 billion of real estate projects from offices in New York, Connecticut, Colorado, the Pacific Northwest and New Mexico. For more information, visit rosecompanies.com.
Brickman is a real estate private equity firm with over 20 years of experience investing in real estate debt and equity. The firm has invested over $3.6 billion of total capital in 86 real estate transactions throughout the United States. Brickman owns, manages and develops real estate in-house. The firm brings operational, management and market expertise to the acquisition and origination of middle-market debt and equity investment opportunities. From its formation in 1992 through September 2014, Brickman has invested, for its own account and for the account of funds under its management, over $1.2 billion of equity capital and in excess of $3.6 billion of total capital in opportunistic, value-added, core plus, debt, and equity investments. Brickman’s experienced leadership and team members have worked together for over 14 years. Through its investment vehicles, the firm owns and manages over 3.2 million square feet of office and residential real estate.
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.
HFF and its affiliates operate out of 25 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.