Prudential JV Sells Seattle Tower for $150M

Heitman America Real Estate Trust, a Chicago-based real estate investment management firm, purchased 1800 9th Avenue in Seattle, Washington for $150.38 million, or about $476 per square foot. Heitman acquired the property from The Prudential Realty Group and Talon Private Capital, a joint venture that originally purchased the 312,700-square-foot office tower in December 2011 from Regence BlueShield in a sale-leaseback transaction for $76.5 million. Prudential and Talon were represented by Stuart Williams and Laura Ford of Jones Lang LaSalle, while Heitman handled the acquisition in-house, according to a CoStar report.

Also known as the Regence Building, 1800 9th Avenue was originally designed by LMN Architects and built in 1990 in the Seattle CBD submarket of King County, in close proximity to the Convention Center Metro Station and I-5. Talon Capital hired Foushée & Associates to redevelop the 15-story, 315,837-square-foot office building, with modifications including a new main lobby, an updated fitness center, new 4th floor exterior deck, and new HVAC controls. According to reports the building was 97% leased at the time of sale, with Amazon.com occupying more than half of the building.

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