By Meghan Hall
The future of office may be up for debate, but that hasn’t stopped investors from taking the plunge. In a big deal to kick off 2022, Seattle’s Second & Seneca building and 1101 Second Avenue have sold for a combined $382 million. Public records show that the sale was finalized earlier this week, and that the buyer is an entity affiliated with Northwood Investors, based in Santa Monica, Calif.
Second & Seneca traded for $320.2 million, or about $697 per square foot. 1101 2nd Ave. sold for $61.8 million, or about $736 per square foot.
The seller of both properties was San Francisco-based Rockwood Capital. Rockwood originally acquired the assets in 2012 from Tishman Speyer for $186 million. At the time of the acquisition, Urban Renaissance Group took over leasing management responsibilities.
Second & Seneca, located at 1191 Second Ave., rises 22 stories and totals 459,464 square feet. Amenities include a gym and shower facility, state-of-the art conference and training center, onsite cafe and bike storage. 1101 2nd Ave. totals 84,000 square feet. Built in 1960, it originally served as the headquarters of Washington Mutual.
At the heart of Seattle, the property has a walk score of 99 and a transit score of 100. Nearby attractions include close proximity to Seattle’s new, 20-acre waterfront park, the Sattle Art Museum and the SEattle Public Library. Eateries such as Skalka, BB’s Teriyaki Grill and Post Alley Pizza are also nearby.
Northwood Investors is a privately-owned and employee-held investment advisor. The firm was originally founded in 2006 by John Kukral, former president and CEO of Blackstone. As of September of 2021, the company had more than $9 billion of assets under management, according to its website. Its portfolio includes more than 270 properties with a total enterprise value of $17 billion.