Northwestern Mutual announced Friday that it has sold the Russell Investments Center at 1301 Second Ave. in Seattle to CommonWealth Partners, a privately held real estate investment, development and management firm based in Los Angeles, for $480 million. According to the Northwestern Mutual press release, it is believed to be the largest single asset office sale in the Western United States since 2006. CBRE served as broker for the transaction through a team led by Vice Chairman Kevin Shannon.
"This transaction is an example of how we actively manage our $5.8 billion real estate equity portfolio to generate strong returns on behalf of our policyowners," said Paul Hanson, managing director - real estate, Northwestern Mutual. "The company's real estate strategy typically focuses on long-term holds; however, the Seattle market rebounded quickly, creating an excellent opportunity for the company to realize a gain for our policyowners."
"It speaks volumes about real-estate market cycles," said Ann Chamberlin, managing director with brokerage Jones Lang LaSalle, in a Seattle Times article. "That building was purchased [by Northwestern Mutual] at the absolute bottom of the market. Now we're bouncing back and they're getting a nice return."
Northwestern Mutual originally purchased the 42-story, 872,000 square foot office building in the fall of 2009. The sale is not expected to cause disruption for tenants with long-term leases, including Russell Investments, Boeing, Nordstrom, Dendreon, JP Morgan Chase and Zillow.
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