Brookfield Office Properties announced this week that it had acquired Metropolitan Park East & West in the Seattle central business district for $210 million. The two office towers, locally known as the "Twin Toaster" buildings, were sold by Walton Street Capital, which paid $183 million for them in 2005 when they purchased the towers from Benaroya Co., according to a Seattle Times article. Brookfield bought the 700,000-square-foot Class A office campus using available cash resources and an acquisition financing facility totaling $126 million.
"The Seattle market has demonstrated strong fundamentals with positive absorption over the past 18 months. The region is a leading tech and science center with a highly skilled work force. Metropolitan Park fits our strategy of owning premier assets in the best-located areas of the top urban markets and presents an opportunity to add diversification to our tenant base within the high-growth technology and social media sectors," said Dennis Friedrich, president and global chief investment officer of Brookfield Office Properties.
Metropolitan Park's two towers, located at 1730 Minor Avenue and 1100 Olive Way, are 20 and 18 stories respectively, were 85% leased at the time of sale with major tenants including Swedish Health Services and the Virginia Mason Medical Center. Jason Flynn with Eastdil Secured represented the seller in the transaction while Brookfield was represented in-house reported CoStar.
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