Newmark has advised on the sale of 101 Stewart Street in Seattle. Known as “First and Stewart,” the 94,333-square-foot, Class A building is located near the epicenter of Seattle’s Central Business District.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll and Director James Childress represented the seller, L&B Realty Advisors of Dallas, Texas. Also advising on the deal were Newmark Executive Managing Director’s Jesse Ottele and Tim O’Keefe.
Newmark represented L&B Realty Advisors through all stages of the marketing, due diligence, and sales process. The buyer, DWS, formerly known as RREEF, was self-represented.
“Selling a building of this size and quality is rare in downtown Seattle today,” said Kucha. We received interest from several domestic investors, but were delighted to work with DWS on behalf of L&B Realty Advisors.”
“First & Stewart represents a ‘creative office jewel box.’ With its permanent and cascading views of the Puget Sound, its highly desirable location adjacent to Pike’s Place Market, proximity to Seattle’s waterfront transformation, and topped off with L&B’s significant property modernizations, the opportunity was truly one-of-a-kind,” said Childress.
First & Stewart is located where the Pike Place Market, Belltown, the Retail Core and the central business district converge.
As the original Seattle location for Silicon Valley immigrant tech companies such as Facebook, Snapchat and DOXO, First and Stewart has been a vital part of the tech talent migration to Seattle.
Newmark (“Newmark”), 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, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’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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