Union Investment, one of Germany's largest real-estate fund managers and the investment arm of the DZ Bank Group, announced that it has purchased the Amazon's Phase VI office complex in Seattle's South Lake Union market for $299 million, or approximately $757 per square foot. Seattle-based Vulcan Real Estate sold the two-building property in a deal brokered by CBRE Group Inc.’s Kevin A. Shannon. Union Investment was advised on the deal by Metzler Real Estate and represented by Mayer Brown, while Vulcan Real Estate was represented by Foster Pepper PLLC.
"Seattle is one of the fastest-growing U.S. cities, and highly attractive to young, well-educated employees, so it provides ideal conditions for our increased international focus," said Martin Brühl, an executive at Union Investment, in a statement. The complex at 515 Westlake Avenue North and 500 Ninth Avenue North was bought by Union for its open-ended, Unilmmo: Europa fund. Amazon Phase VI is part of a 1 million-square-foot expansion of Amazon' South Lake Union campus that Vulcan developed. Two other buildings — Phases VII and VIII — were finished this summer as part of the expansion and are not for sale.
In concert with the announcement, Vulcan said several signature eateries would be moving into the complex’s 15,000 square feet of retail space. Early next year, Ethan Stowell plans to open a Ballard Pizza Co. location in the 500 Ninth Avenue North building. In June, Seattle restaurateur Josh Henderson will open Poulet Galore, Vestal and Cantine Bottle Shop and Bar in the same building. And Seattle dnut company Frost will open a store next summer in 515 Westlake Avenue North.
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