(Editor’s Note: According to public records, Vanke and Laconia purchased the parcel for nearly $15.4 million, which represnets 80 percent of the investmnet. This informaiton was confirmed by a source with direct knowledge fo the finacial details.)
Seattle, Wash. (October 19, 2016) – 600 Wall Street Development LLC has sold a 10,665 square foot development site on the corner of 6th Avenue between Wall Street and Denny Way in Seattle, Washington. The property was purchased by Seattle Realty One LLC, a joint venture between Vanke Holdings USA LLC, the American subsidiary of China Vanke, the largest residential developer in mainland China, and Laconia Development LLC, a Bay Area development firm. Kidder Mathews commercial real estate brokers, Tim Foster, Ross Klinger, and Jim Klinger from the Seattle area, and Clayton Jew and David Wientjes from the Bay Area, represented both the seller and the buyer.
The property is located directly between Belltown and South Lake Union, two thriving neighborhoods in downtown Seattle. It has a Master Use Permit in place for 400 units. It will be the first highrise in Seattle with a mechanical parking configuration.
According to Ross Klinger and Tim Foster, the sale reconfirms the ongoing strength of the Seattle multifamily development market, and the continued trend of major international real estate investors entering the Seattle market and teaming up with local development expertise to purchase entitled development sites.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 600 real estate professionals and staff in 17 offices in Arizona, California, Nevada, Oregon, and Washington. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages over 37 million square feet of space, and conducts over 1,300 appraisals annually.