Home Finance Metropolitan Tower in Seattle Trades for $216.1MM

Metropolitan Tower in Seattle Trades for $216.1MM

Metropolitan Tower, Seattle, Greystar, CBRE Global Investors, Continental Properties, Barolo, Sweetgrass, Petra Bistro, Vovito & La Caviste, The Waverly, Lakeview Student Residences, Tower 12 Apartments, Cosmopolitan Condominiums
image Courtesy of Greystar

By Meghan Hall

Seattle’s Metropolitan Tower — also known as “The Met” — posits itself as the ultimate luxury community, with all of the perks of a five-star hotel in-home. Now, the property’s owner, Greystar Real Estate, has sold the iconic building for a healthy $216.1 million, or about $590,000 per unit, according to King County public property documents. CBRE Global Investors sold the property on behalf of Greystar to Bellevue-based Continental Properties.

The property has been a staple of Seattle’s skyline before the most recent market boom, and according to Continental Properties, The Met set a Seattle area record in 2003, when it sold for $287,000 per unit, or just over $105 million in total.

The Met, located at 1942 Westlake Ave., the 32-story, 366-unit tower was originally constructed in 2001. The tower features an array of studio, one-, two- and three-bedroom apartment units, based on The Met’s website, and the units range in size from just over 500 square feet to about 1,400 square feet. The property features numerous amenities, such as a new lobby, 24-hour concierge service, indoor pool and spa, a 24-hour fitness center and rooftop deck. A clubhouse, complete with a great room, media center, full kitchen and billiards room is also part of the property, as are several eateries: Barolo Restaurant, Sweetgrass, Petra Bistro, and Vovito & La Caviste.

The units themselves come equipped with hard surface floors, granite countertops, recessed lighting and stainless steel appliances. Tile backsplashes and walk-in closets are also included in the units. On-site parking is also available. 

The Met is located on the outskirts of the Denny Triangle, one of Seattle’s most popular neighborhoods, and is blocks from Amazon’s downtown headquarters. Several light rail stations, such as the Westlake and 7th Ave. stop, is within walking distance, as is the Westlake Shopping Center. Pike Place Market is also a short distance away.

Greystar is one of the nation’s largest multifamily property owners and developers, and is extremely active throughout the Puget Sound, with numerous high-end residential projects in the works in Seattle. In July, Greystar purchased the site of Seattle Unity Church for $20 million after securing approval to construct a 28-story tower known as The Waverly that will total 374 units and 427,266 square feet. The firm also has a 22-story tower, planned for the U-District, currently working its way through the design review process. Called Lakeview Student Residences, the tower will include 227-units.

The Met’s buyer, Continental Properties, is also active throughout the region. The firm has completed numerous projects throughout the region, including Tower 12 Apartments, a 314-unit tower completed in 2017 and the Cosmopolitan Condominiums, a 250-unit tower in downtown Seattle.