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Jun. 11, 2013

Major Office High-Rise Trades Hands for $390M in City’s Financial District

By Alex Girda, Associate Editor

As Seattle’s office market soared over the past year, a number of major office building transactions have been completed. The Russell Investments Center, at 1201 Third Ave., and Vulcan’s Amazon campus have drawn massive amounts of money as investment companies are focusing on Seattle real estate. Continuing that trend is the recent sale of the Wells Fargo Center to Canadian real estate company Ivanhoé Cambridge for a fee of $390 million. According to a press release issued by the buyer, the acquisition brings the total amount of office space in Seattle’s financial district that is owned by Ivanhoé to 8 percent.

Wells Fargo Center is a 47-story, Class A office tower that offers around 983,600 square feet of leasable space. The building, located at 999 Third Ave., is one of the mainstays of the city’s skyline and has joined the ranks of major office assets in the Pacific Northwest that feature energy-efficient fixtures and environmental systems. It boasts a high Energy Star rating and LEED Gold certification. The skyscraper offers great views of the neighboring area, as well as Elliott Bay and the city.

According to Ivanhoé Cambridge CEO Daniel Fournier, the move for Wells Fargo Center is “an excellent investment opportunity brought to our attention through our partner, Callahan Capital Properties, and contributes to our strategy aimed at building a national platform of assets comprising superior-quality office buildings.”

The company also owns a 50 percent stake in another major Seattle office building. The U.S. Bank Centre offers around 943,600 square feet of office space in the city’s financial district. Ivanhoé Cambridge handles a variety of activities, including investment, development, asset management, leasing and operations for a portfolio of assets located in around 20 countries and worth almost $34 billion.  

Photo courtesy of  users Rahula59 and Mrwojo via Wikimedia Commons