A German institutional investor has paid Seattle-based Vulcan Real Estate $299 million to acquire a two-building office complex fully leased to Amazon.com.
A German institutional investor has paid Seattle-based Vulcan Real Estate $299 million to acquire a two-building office complex fully leased to Amazon.com, officials said Friday.
Union Investment Real Estate, one of Germany’s largest real-estate fund managers, bought the 380,000-square-foot office complex. The five-story and six-story buildings, along Ninth Avenue North from Mercer to Republican streets, opened last year.
In concert with Friday’s announcement, Vulcan said several signature eateries would be moving into the complex’s 15,000 square feet of retail space.
Early next year, Ethan Stowell plans to open a Ballard Pizza Co. location in the 500 Ninth Ave. N. building. In June, Seattle restaurateur Josh Henderson will open Poulet Galore, Vestal and Cantine Bottle Shop and Bar in the same building. And Seattle doughnut company Frost will open a store next summer in 515 Westlake Ave. N.
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For Union Investment, the deal marks its fourth Seattle acquisition. It last purchased the Millennium Tower in 2003. The fund manager said it owns 10 U.S. office properties.
“Seattle is one of the fastest-growing U.S. cities, and highly attractive to young, well-educated employees, so it provides ideal conditions for our increased international focus,” said Martin Brühl, an executive at Union Investment, in a statement.