The sale Alley24, a 215,402-square-foot, core Class A office building with ground floor retail in Seattle's South Lake Union submarket, was recently closed by Holliday Fenoglio Fowler, L.P. (HFF) on behalf of the sellers Vulcan, Inc. and PEMCO Insurance Co.
Metlife has acquired the said property for $129.3 million and assumed an existing life insurance company loan.
According to the press release of HFF in Business Wire, senior managing directors Todd Tydlaska, Nick Kucha and Michael Leggett, who is the co-head of HFF's West Coast team, led the HFF investment sales team representing the sellers of the Alley24 located at 221 Yale Avenue North in South Lake Union, Seattle's epicenter of industry and innovation and one of the first LEED Certified green neighborhood plans in the nation boasting a Walk Score® Index of 95.
"The opportunity to acquire a core asset in South Lake Union attracted domestic as well as foreign capital and we were pleased to have a deep buyer pool for this asset," said Kucha.
Alley24 was completed in 2006 and is one of the first mixed-use projects to earn LEED certification in Seattle due to its sustainable elements including an abundant natural daylight, operable windows, low energy and water flow fixtures, automatic sun-tracking sun shades and environmentally sensitive building materials. The property is 85 percent leased and is serving as the headquarters of architectural firm NBBJ and a home for other tenants such as Skanska and Cole & Weber.
"Alley24 is one of the only true mixed-use assets in the South Lake Union submarket, a centrally-located, high-amenity, pedestrian-oriented location that has maintained historical occupancy of more than 96 percent since it was completed," said Tydlaska. "Most significantly, banner tenants NBBJ, Skanksa and Cole & Weber have occupied the building since it was delivered in 2006."
HFF operates out of 22 offices nationwide and is a leading provider of capital markets transaction services to the U.S. commercial real estate industry.
