Newmark has completed the $133 million sale of an approximately 59,448-square-foot land assemblage of two of the most sought after blocks in the heart of downtown Seattle for future development. The site currently includes surface parking; a seven-story parking garage; an entire block bank branch and the vintage 10-story Lloyd Building. The sale price was based on the existing improvements as well as land development market value.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Michael Moll, as well as local Newmark market experts Tim O’Keefe, Paul Sleeth, Billy Sleeth, Jesse Ottele, Erika Koehler and Anne Marie Koehler, represented the seller, Vance Corporation. The buyer, Kilroy Realty, was self-represented.
“The site provides Kilroy Realty with the ability to execute a unique generational development opportunity that is capable of 2.52 million square feet of residential, office, hotel and retail space,” said White. “This is an extremely rare opportunity to create a new urban center in one of the nation’s top coastal downtown environments.”
Located at 1825 7th Ave., 603 Stewart Ste. SE, 1818 6th Ave., and 500 and 600 Olive Way, the site is just blocks from the corporate headquarters of Amazon and Nordstrom, the iconic Pike Place Market and the expanding Washington State Convention Center. It is also adjacent to Seattle’s retail core anchored by the newly renovated Pacific Place. The site is extremely well positioned within the Retail Core/Denny Triangle/South Lake Union submarkets with access to all aspects of public transportation. These areas have grown to become a premier destination for tech, biotech, education and creative firms that include Facebook, HBO, Zillow, Google, Redfin and Kaiser Permanente, among many others.
“This generational site is within a hotbed of investment and development activity with billions of dollars of capital infused over recent years,” said O’Keefe. “This incredible location is ideally situated at the connection between South Lake Union and downtown Seattle and is adjacent to one of the busiest light rail stations in the region.”
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 18,000 professionals operate from approximately 480 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.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.