$480 Million Deal for Russell Investments Center is West’s Biggest Since 2006
- May 15, 2012
In the western U.S.’s largest single-asset office sale since 2006, CommonWealth Partners paid $480 million for Russell Investments Center in Seattle’s central business district. A CBRE Group Inc. team led by Kevin Shannon represented the seller, Northwestern Mutual. The transaction adds the property to another nearby CommonWealth asset–Safeco Plaza, a 755,000-square-foot, 50-story office tower.
Completed in 2006, the 42-story building located at 1301 Second Ave. is one of only eight Class A office properties developed in the area during the past decade. During the past two years, leasing at the 872,026-square-foot building has jumped 30 percent, bringing the property to the 95 percent-leased mark.
Russell Investments Center is widely regarded as one of the city’s top assets, offering a central location, panoramic views and a strong range of amenities. Its LEED Platinum certification provides a major draw in a local market that puts a premium on sustainability, The current tenant roster includes big names such as Russell Investments, JP Morgan Chase, Boeing, Zillow and Nordstrom. Other tenants are investment-grade companies in the technology, life-science and finance industries.
Image courtesy of russellinvestmentscenter.com