BlackRock Inc, a renowned asset management firm, is selling two of its major downtown Seattle office properties to a unit of Morgan Stanley for about $70 million.
No official word about the sale is out, therefore, not much is known about the deal. Apparently, two office properties, Market Place I and II and a large 426- stall parking garage is also included in the sale. Located at Western Avenue, near the Pike Place Market, the properties are prime commercial assets, reports Bloomberg.
Seattle's property market has been called one of the most competitive in the U.S. Low interest rates and constrained inventory has led to an uptick in demand and competitive prices prevail in the market.
"Good houses are disappearing instantly, you look at it one day online and say honey maybe we should look at this Sunday. By then, it's already pending," Charles Harper, a home buyer in Seattle said to King5.com.
Check out a video on Seattle's property market here:
Apart from the economic factors, the city's charisma, its ability to embrace reinvention and its ambitions make its real estate market lucrative, according to Blaine Weber's blog at the Daily Journal of Commerce.
About BlackRock Inc:
By the end of March 2013, BlackRock managed around $3.9 trillion worth of international assets. Not only has the company been spreading its roots in America but also plans on a vast global expansion. More recently, the company acquired MGPA, a Singapore based private equity firm, for an undisclosed amount, which boost its property portfolio to $25 billion.
