NGKF Capital Markets has announced the $286 million acquisition of Dexter Station, a newly-constructed 344,548-square-foot, 10-story office building occupied exclusively by Facebook.
NGKF Capital Markets President, West Coast Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Tim O’Keefe, and Managing Director Mike Moll, along with Executive Managing Director Jess Ottele of Newmark Grubb Knight Frank’s Seattle office, represented the buyer Tristar Capital LLC & Commerz Real AG in the transaction. The sellers, Stockbridge and Capstone, were represented by Eastdil Secured.
The 10-story office building, at 1101 Dexter Ave. N, is located in Seattle’s South Lake Union submarket. The LEED Gold building features large 22,000-to 55,000-square-foot floorplates with stunning views of the Seattle skyline and Lake Union and an interior and outdoor space designed for Facebook by acclaimed architect Frank Gehry.
“Seattle is an outstanding investment market because of the increasing number of tech-related tenants such as Amazon, Facebook and Google who are all building out major footprints,” said Shannon. “This office property provides the buyer with a lucrative long-term NNN lease with one of Nasdaq’s top performers and the tenant improvements in the facility are incredible.”
With a 10-year lease in place, Facebook enjoys a space that reflects its creativity and is interconnected with the outdoor environment. The property includes eight fully- landscaped decks with walking paths, communal areas, fireplaces and seating. Additional on-site amenities include: high-tech conference center, state-of-the-art fitness center, bike storage and showers, and a grand three-story vaulted lobby with wi-fi.
“Seattle is the best-performing office market in the Western United States,” Shannon added. “It is one of the most popular markets for both domestic and foreign capital that appreciates the tremendous fundamentals.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.