Newmark recently completed the sale of a two-building, Class A office property in Seattle’s South Lake Union neighborhood. The 223,233 square foot asset was sold for an undisclosed amount and is located in one of the top-performing office and life sciences submarkets.
Leading the transaction were Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Nick Kucha and Michael Moll, Managing Director Rachel Jones, and Associate Director Liam Ogburn. They worked alongside Executive Managing Director Jesse Ottele and Senior Managing Directors Cavan O’Keefe and Daniel Seger to represent sellers SBC and Stockbridge. The buyer was an affiliate of Palisade Groupand Sabal Investment Holdings.
According to Moll: “The strong interest we received from both institutional buyers as well as private investors reflects their confidence in the South Lake Union market.” He also noted that part of this confidence came from being able to assume a low fixed-rate loan with remaining term.
Photo credit: Kristi Galbraith/Red Studio Inc.
This news was originally published by Connect CRE .
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