Newmark has announced the sale of Butler Garage, a 152,300-square-foot parking garage encompassing 456 stalls on 12 levels. Located at 114 James Street, Butler Garage is an institutional-quality parking garage within Seattle’s historic Pioneer Square.
Newmark Capital Markets Vice Chairman, Head of Retail Capital Markets Nicholas Bicardo, Director Brandon Rogoff and Finance Director Jim Tribble represented the seller LAZ Parking Advisors / CIM in the transaction to the buyer Unico Properties, a real estate investor and full-service operator based in Seattle. Unico owns Smith Tower, located at 506 2nd Ave., and recognized as Seattle’s first skyscraper. Smith Tower is located across the street from Butler Garage.
“Unico viewed this acquisition as an opportunity to continue to expand its presence in Pioneer Square,” said Bicardo.
According to Newmark, Seattle is experiencing a modern-day renaissance which has resulted in a tremendous increase in tourist and business activity. Furthermore, Seattle’s robust construction pipeline is adding density and parking demand to the City while simultaneously removing parking supply from the market.
“This positive supply/demand imbalance favorably positions Butler Garage to benefit from future long-term growth as well as providing a well-established and consistent customer base,” Bicardo added.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark 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.