NGKF Capital Markets has announced the sale of Amazon.com Phase VIII, a 12-story state-of-the-art office building totaling 317,804 square feet. The property was sold by Vulcan to Mirae Asset Global Investments for $246,800,000. Representation was led by NGKF Capital Markets President, West Coast Capital Markets Kevin Shannon, Executive Managing Director Ken White, and Managing Director Michael Moll. Local market assistance was provided by Lou Senini and Tom Pehl from CBRE.
Phase VIII is a core, low-risk investment opportunity with a remaining lease term of approximately 15 years with contractual rent increases anchored by Amazon.com. Amazon.com is the global leader in online retail and technology services and products. The building includes 5,297 square feet of fully-leased ground floor retail space and is located in the heart of Seattle’s South Lake Union, one of the most dynamic, desired and best performing submarkets in the US.
“Global capital is increasingly recognizing the unique opportunity offered by South Lake Union and the Puget Sound region. Seattle, San Francisco and Los Angeles sales activity in the CBDs has been dominated by foreign buyers in 2016 and this is yet another example of this,” remarked Shannon.
The urban South Lake location benefits from an abundance of nearby retail amenities boasting a Walk Score Index of 95, considered to be a “walker’s paradise”. The core location provides excellent access to multiple modes of transit. The Amazon.com-occupied building was built in 2015 and features LEED Gold certification.
NGKF Executive Managing Director, David Milestone and Managing Director, Brett Green are arranging financing for Mirae Asset Global Investments.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.