A 3-year-old University District office complex was sold for $95 million this week in a deal that shows the bull market for commercial real...
A 3-year-old University District office complex was sold for $95 million this week in a deal that shows the bull market for commercial real estate is still rumbling.
The price for Roosevelt Commons worked out to $423 a square foot for the two buildings, comprising about 230,000 square feet at Roosevelt Way Northeast and Northeast 43rd Street.
The space is leased to the University of Washington and Safeco Insurance, which recently decided to keep its headquarters in the U District.
The buyer was San Francisco real-estate investment giant RREEF; seller was a local partnership of developer James Whitney and investor Malcolm Goodfellow. Pacific Real Estate Partners’ Lori Hill represented the sellers.
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Prices for top-quality office space have shattered local records in the past 12 months, with several projects crossing the once-mythical $400-a-foot barrier.
Shareholder vote on buyout planned
Kirkland-based Nextel Partners, an affiliate of Sprint Nextel, said it set an Oct. 24 shareholder vote on whether to force Sprint Nextel into a buyout of the company.
Sprint Nextel, formed in a $36 billion merger last month, is in the process of valuing Nextel Partners as part of the companies’ partnership agreement. A purchase of Nextel Partners may take as long as four months and involve as many as three appraisers.
Under a so-called “put right,” Nextel Partners can force Sprint Nextel to acquire all the Class A shares of Nextel Partners that it doesn’t already own. Shareholders as of Sept. 9 are allowed to vote.
Minn. company buys local mover
Commercial mover Emerald City Moving & Storage of Kent announced it has been bought by Minneapolis-based OMNI Workspace in a deal that leaves the management team in place. Terms were not disclosed.
Emerald City Moving was founded in 1990 by Greg Foster, its president. It handles 3,000 moves a year with 75 employees and 30 trucks, and also handles office furniture sales, installation and repair.
OMNI, a subsidiary of furniture manufacturer HNI of Muscatine, Iowa, provides office furniture and facilities-planning services to businesses.
Airline is closing its luxury lounge
American Airlines said it will close its Admirals Club lounge at Seattle-Tacoma International Airport on Oct. 31 because income from the property didn’t match its cost.
The 4,700-square-foot luxury lounge, which seats 65, had recently moved to the new $587 million Concourse A from Concourse C. The new location didn’t attract as many passengers, said Tim Smith, an American spokesman. But the cost and rising rent at Sea-Tac also are factors. “Rents are one of many parts of the financial analysis,” he said.
Compiled from Seattle Times staff and Bloomberg News