Rubicon Point Partners, a San Francisco-based real estate investment company has acquired a block of office buildings in Seattle, shortly after announcing a $232 million fund targeting creative office spaces in the region. The properties were sold to Rubicon by Alexandria Real Estate for $24.1 million,, according to King County public records.
“The history, architecture, and recent renovation that strategically enhanced the sustainability of the properties are integral qualities and characteristics to us as owners,” said Ani Vartanian, Rubicon’s co-managing partner in a statement. “The proximity to the waterfront and entertainment in downtown Seattle is also a key ingredient to what we believe will attract new tenants.”
The properties, which are located at 240 2nd Avenue South and 201 South Washington Street. total more than 81,000 square feet. Public records show that the first property, a five-story office building built in 1900, was last purchased by Alexandria Real Estate in 2018 for $20.5 million, or approximately $455 per square foot. In 2019, Alexandria Real Estate purchased the Washington Street Property for $12.3 million, according to King County public records.
The properties are located within Pioneer Square, just south of downtown Seattle. The walkable neighborhood is also home to a variety of residential, retail and commercial uses, with several nearby bus stops providing easy access throughout the rest of the city.
In June, Rubicon Point Partners announced the closing of its fund, Rubicon First Ascent LP, with a total of $232 million in assets and the ability to acquire up to $770 million of property investments. According to the company, the fund targets value-add equity investments in office space in urban locations throughout both the Bay Area and the Pacific Northwest.
“I am immensely proud of the Rubicon team’s success to date, the evolution from investing first with a foundation, then with Canyon Partners through its Emerging Manager program, and now to the successful close of our inaugural fund; it has been humbling, exciting and a testament to the strength, dedication and heart of our team,” Ani Vartanian, Rubicon’s co-managing partner, said at the time of the announcement. “With the office asset class finding itself at an inflection point, Rubicon sees an opportunity for the type of creative investment management expertise at which we excel: creating a competitive advantage in reimagining the office for a broad spectrum of clients.”