Home Industry News Principal Real Estate Investors Sells Office Building In Downtown Seattle For $25.4MM

Principal Real Estate Investors Sells Office Building In Downtown Seattle For $25.4MM

Photo Courtesy of HFF
PORTLAND, OR – October 14, 2016 – Pittsburgh-based Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $25.4 million sale of Broadacres, a 123,108-square-foot, transit-oriented office building with ground floor retail space in Seattle’s north central business district.
HFF marketed the property with KG Investment Properties on behalf of the seller, Des Moines, Iowa-based Principal Real Estate Investors, and procured the buyer, Irvine-based LBA Realty.  
Broadacres is situated at 1601 2nd Avenue, just two blocks from Sound Transit-King County Metro’s Westlake station. It is also one block from Pike Place Market, a popular retail destination that attracts more than 10 million visitors annually, and four blocks from Amazon’s South Lake Union headquarters in downtown Seattle. With a history dating back to 1907, the 10-story property represents a rare value-add creative office redevelopment opportunity.  
The HFF investment sales team representing the seller was led by senior managing director Nicholas Kucha.
About Principal
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives.  Its employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible.       
About LBA Realty
LBA Realty is a full service real estate investment and management company with a diverse portfolio of office and industrial properties in major markets throughout the western United States including California, Colorado, Washington, Oregon, Arizona, Nevada, Texas and Utah.  The foundation of the company is to create and execute customized value creation programs for individual properties and to develop strong customer relationships.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.  HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.