By Jack Stubbs
On Thursday September 21st, Seattle-based Vulcan Inc. bought an office property—a site formerly occupied by the Nara Grill—for $4.6 million,or roughly $958 per square foot, according to public records filed with King County. The seller was Fifth Avenue LLC, an entity in Bainbridge Island affiliated with Allen Hartung.
Fifth Avenue LLC acquired the Nara Grill Property in 2008 for $856,600, according to an earlier report written by the DJC.
The office building, located at 2025 Fifth Avenue in Seattle’s Belltown neighborhood, is comprised of 4,800 square feet. Built in 1920, the property sits on 3,240 square feet of land.
Vulcan’s acquisition of the property is part of a larger undertaking that the company has in the works: the 5th and Lenora Development, a 44-story residential complex at 2025 Fifth Avenue. In August 2016, Vulcan spent $22.8 million on two parking lots on 5th Avenue that were formerly owned by Diamond Parking, according to a report in the DJC.
And until recently, the Nara Grill property was the final piece of puzzle to move ahead on development of 5th and Lenora. Earlier this year In February 2017, an Early Design Guidance meeting was held for the project. The architect for the development is Ankrom Moisan Architects and the Landscape Architect is Site Workshop. The 44-story tower will include 6 levels of below-grade parking, 450-500 residential units, between 340-380,000 square feet of rentable area, between 2,000 and 5,000 square feet of commercial space on street level.
Vulcan Real Estate has created a diversified portfolio of assets, according to its website, including office, life sciences, residential and mixed-use projects. Since 2000, Vulcan has delivered $3 billion in assets in 33 projects, which comprise 8 million square feet and 1,764 residential units. Vulcan is also has an active presence in South Lake Union, with 80 percent of their development projects having occurred in the neighborhood, according to their website.
Vulcan did not respond for comment about the details of the transaction in time for publishing.
