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Newmark Knight Frank (“NKF”) has announced the sale of 110 Union Street Seattle, WA. Known as “Harold Poll,” the 60,343-square-foot office building is located just steps from Pike Place Market.
NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, and Associate Director Rachel Jones, in cooperation with Senior Managing Director Daniel Seger, represented the seller, the Poll Family via Columbia Pacific Advisors, through all stages of the marketing, due diligence, and sales process. The buyer, MSI Poll LLC, an affiliate of Martin Smith Inc., was self-represented.
“Selling a building of this historic nature is rare in downtown Seattle today. We received interest from several domestic investors catalyzing a competitive bid-process. We were delighted to work with Martin Smith Inc. on behalf of the Poll Family, especially in light of their already significant, Seattle-owned, historic portfolio,” said Shannon.
Kucha added, “Harold Poll represents an iconic Seattle asset – built in 1910, its highly desirable location, proximity to Seattle’s waterfront transformation, historic character, and desirable floor plates make the opportunity truly one-of-a-kind.”
The Harold Poll building is located in the Seattle central business district (“CBD”), which has long been considered the region’s premier submarket. According to NKF Research, Seattle CBD asking rents averaged $51.41 per square foot (FSG) in the third quarter, up 3.8 percent year over year. There has been 28,505 square feet of net absorption year to date in the submarket and 2.24 million square feet since the start of 2018. The pace of development in the Seattle CBD remains brisk, with 1.74 million square feet currently under construction, 42 percent of which is pre-leased or owner-user.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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