SEATTLE – February 10, 2016 – Vulcan Real Estate today announced the sale of its Alley24 office building to MetLife for $129.4 million. The asset represents the east half of a full-block mixed-use development that includes office, residential and retail components. The sale to MetLife includes 215,000 square feet comprised of approximately 190,000 square feet of office and 25,000 square feet of ground floor retail space. The residential portion was sold to Greystar in February 2015. Vulcan intends to invest funds from the property sale toward its continued development efforts, as well as new land and value-add investment opportunities around the region.
The Alley24 office is located at 223 Yale Avenue North, between Thomas and John streets to the north and south. Completed in 2006, Alley24 has an innovative, sustainable and flexible plan that combines extensive green building practices with high-performance technology and a hybrid HVAC system, earning it a LEED Silver certification from the U.S. Green Building Council.
The six-story office development includes amenities such as bike storage, shower facilities and operable windows. Alley24 is 85% leased with office tenants that include building architect and anchor tenant NBBJ as well as Skanska, Cyanogen and Cole & Weber which is part of WPP’s elite United Network.
“Alley24 set a precedent for sustainability, historic preservation and public amenities that Vulcan would replicate in many of its projects over the years,” said Ada M. Healey, Vice President of Real Estate for Vulcan Inc. “We are thrilled this pioneering project remains a destination in the Cascade neighborhood.”
HFF handled the transaction for Vulcan with a team led by Todd Tydlaska.
About Vulcan Real Estate
Seattle-based Vulcan Real Estate directs all real estate investment activities for Vulcan Inc., a Paul G. Allen company. Through strategic acquisitions and innovative development, Vulcan Real Estate has created a diversified portfolio of high-performing quality assets including office, biotech, residential and mixed-use projects. The company’s integrated team of real estate professionals offers a full range of development and portfolio management services from site selection and urban planning to build-to-suit construction, leasing and asset repositioning. Its real estate model is based on quality, sustainable development that builds new value across the entire community. To date, Vulcan has delivered 6.5 million square feet in 29 new office, biotech, residential and mixed-use projects, primarily in Seattle’s South Lake Union neighborhood. The company has 208 apartment units under construction in the University District and several more projects in pre-development planning. The company is also in pre-development planning for three sites at Yesler Terrace where it will build approximately 650 residential units. Vulcan Real Estate currently manages nearly $2 billion in real estate assets. For more information, visit www.vulcanrealestate.com.
