Germany-based Deutsche Asset and Wealth Management's Alternatives and Real Assets (ARA) has purchased a 28-story office building in Seattle's Lake Union submarket from AEW Capital Management for $370 million. The Seattle Times reports that AEW Capital Management paid $278.7 million for the building when it bought the property from Prudential and Touchstone about three years ago. The buyer financed the acquisition in part with $122.7 million in funding provided by The Prudential Insurance Company of America, according to a CoStar report.
"West 8th is located where Seattle's most sought after commercial, residential and retail properties intersect to provide a true urban live, work, play experience," said Todd Henderson, Head of Real Estate in the Americas for ARA. "This Class-A asset not only increases the quality of the portfolio, we believe it has the potential to provide investors with an attractive cash return for a high-quality office asset in a prime location."
The tower at 2001 8th Avenue, also known as West 8th, was designed by Callison and built in 2009 by Seattle-based Touchstone Corp. According to its listing on OfficeSpace.com, the 498,893-square-foot office tower has a vacancy rate of less than 2%, with online retailer Amazon.com occupying a majority of the building alongside Casey Family Programs and Seattle Children's Research Institute. West 8th features state-of-the-art office spaces, luxurious amenities and sweeping Lake Union views, and is the first multi-tenant building in the Seattle area to feature LEED Gold certification for new construction.
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