Oct
12
Seattle Office Building Commands $180M
ByThe new Class A, 11-story property was acquired by a Hudson Pacific Properties joint venture.
Hill7, Seattle
Seattle—Hudson Pacific Properties and the Canada Pension Plan Investment Board have acquired Hill7, a 285,680-square-foot office building in Seattle’s Denny Triangle neighborhood, from Touchstone and its financial partner Principal Real Estate Investors, for $179.9 million.
“The Seattle market is performing very well and still has significant upside. Local firms are expanding, and many are opting to move from the suburbs into the city,” Alex Vouvalides, Hudson Pacific Properties’ chief investment officer, told Commercial Property Executive. “California companies are increasingly opening a Seattle hub to gain access to the region’s talent. So market fundamentals are strong, and we’re seeing significant pre-leasing for new office supply.”…
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