(EDITOR’s NOTE: According to public records, Shorenstein acquired the property for $185 million, or about $536 per square foot. The buyer was affiliated with I & G Direct Real Estate and J.P. Morgan Investment Management. The deal closed on July 26th, 2021, but only just recorded.)
SAN FRANCISCO– Shorenstein, an owner and operator of high-quality office, residential and mixed-use properties across the U.S., announced that it has acquired 2601 Elliott, a six-story, 345,000-square-foot Class A office building located within the Seattle Waterfront district that’s 90 percent leased to Zulily, LLC. Terms of the transaction were not disclosed.
Located in downtown Seattle with unobstructed views of Elliott Bay and the Olympic Mountains, 2601 Elliott is a unique building with historic charm and features that differentiate it from much of the high-rise inventory, including large 60,000-square-foot floor plates and tall 15 foot ceiling heights. The property is within walking distance of numerous amenities, including the Pike Place Market, Olympic Sculpture Park, and several restaurants, hotels and boutique shopping stores. The Seattle Waterfront district, known as an emerging dynamic hub for high-tech and biotech companies, is currently undergoing a multi-billion dollar transformation, following the removal of the Alaskan Way Viaduct that will energize the waterfront with a pedestrian park promenade and create an exciting amenity for Seattle.
“The property’s physical attributes – including mid-rise construction, ability to create outdoor amenity space, and above-market parking ratio – as well as its location with access to the waterfront, parks and desirable residential neighborhoods, make it well positioned for post-pandemic users,” said Colby Wick, Managing Director at Shorenstein. “We look forward to repositioning the property and accentuating its strengths to deliver an experience that companies are looking for as they return to the office.”
2601 Elliott was originally built between 1917 and 1925 as a warehouse and manufacturing facility for the American Can Corporation, and in 1976 the building was renovated and converted to an apparel mart. An extensive renovation in 1998 converted the building to Class A office space.
About Shorenstein Properties
Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures.