Investors from around the world continue to pay top dollar to get their hands on Amazon-occupied office buildings.
The latest is a 12-story, 290,650-square-foot building called Urban Union in Seattle’s South Lake Union neighborhood that sold for close to $269 million million last week. Schnitzer West developed the structure and sold it to TriStar Capital and RFR Holding. If those names sound familiar, it’s because the two New York-based firms bought another Amazon-occupied building, that one from Paul Allen’s Vulcan Real Estate, back in November.
Urban Union was designed by CollinsWoerman and built by Sellen Construction and has been certified LEED Gold. It sports a “great room” at the ground level, punctuated by a blue glass cube at the building’s entry. Urban Union also has rooftop deck and meeting area.
In a press release, Schnitzer West said the per square foot price of $925 is the highest ever paid for an office building. The company acknowledges that the KOMO Plaza building went for a higher per square foot price, but that property also includes a data center. Kevin Shannon, Ken White and Michael Moll of Newmark Grubb Knight Frank brokered the sale.
This sale shows how far Seattle real estate has come in the last decade or so. Schnitzer West noted one of its buildings, Civica Office Commons, sold for a high watermark price of $462 per square foot back in 2005. That is about half what Urban Union sold for last week.