Record-Setting 2201 Westlake Sale Advances Vulcan Disposition Plan
- Aug 01, 2015
Vulcan Real Estate can tell when it’s time to exit an asset, especially at $792 per square foot. The Paul Allen-founded company recently shattered the per-square-foot price record paid for a Seattle office building, surpassing it by $20 with the sale of the office property located at 2201 Westlake Ave. N. The sale was brokered by a team led by CBRE representative Kevin Shannon.
The sale breaks a record that was set by another Vulcan Real Estate property earlier this year: an asset located a short walk away, at 307 Westlake, The Puget Sound Business Journal writes.
American Realty Advisors is the new owner of 2201 Westlake, having paid somewhere around $250 million, public records show. The 12-story, 317,000-square-foot building was developed by Vulcan and completed in 2009. 2201 Westlake’s office space is fully leased to Amazon and health nonprofit PATH, while the ground-floor retail component is divided between Einstein Bagels, Ann Sacks Tile & Stone, Bang & Olufsen, as well as West Elm. The property was put up for sale this spring.
2201 Westlake is immediately adjacent to a 19-story, 135-unit condo tower known as the Enso. Units at the Enso managed to sell out in two years following the building’s completion.
The high-priced transaction is a result of the seller’s ongoing campaign to offload a large part of its portfolio. Vulcan Real Estate is cashing in big on its Seattle properties in order to reorient the proceeds toward a number of other ventures. Since 2012 when it first announced its plan to move substantial parts of its assets, Vulcan has sold around $2.5 billion worth of property, including the blockbuster deal it completed with Amazon for its South Lake Union campus.
Image courtesy of vulcanrealestate.com