Google’s Seattle waterfront campus sells for record price in sign of confidence in tech office market
Codi Saxon
2 min read
Vulcan Genuine Estate sold the two-block, four building Google campus overlooking Seattle’s Lake Union for $802 million, a value of $1,260 for each square foot which is thought to established a new report for the city’s place of work market place.
The sale to German financial investment organization Deka Immobilien reflects the exceptional character of the home and the tenant, and self esteem in the tech business office marketplace as the COVID-19 Omicron variant wanes. Google said this week that it’s stress-free its COVID limitations, reinstituting perks, and making ready to provide staff back to the business office at least a few days a 7 days.
Vulcan, the keeping company for late Microsoft co-founder Paul Allen, declared the sale Wednesday afternoon with Newmark Group Inc., which promoted the home, recognized as Lakefront Blocks, and brokered the sale. The two blocks were marketed separately, they said, and Deka Immobilien was the profitable bidder for each.
“The robust fascination we obtained in the residence is testomony to the enduring top quality of this institutional-grade expense,” explained Ada Healey, Vulcan’s main true estate officer, in a assertion, contacting the residence “truly one particular of South Lake Union’s trophy belongings.”
The elaborate spans two town blocks, each of which has two six-tale workplace structures. The total square footage is 635,000 sq. toes. The campus is on the northern edge of the South Lake Union community, between the drinking water and Amazon’s campus, which was also created by Vulcan.
The sale did not consist of the two apartment towers previously mentioned the place of work properties.
Lori Mason Curran, Vulcan authentic estate investment decision method director, claimed by way of phone Thursday morning that the prior Seattle workplace document was Vulcan’s 2019 sale of the nearby Arbor Blocks house, occupied by the enterprise now regarded as Meta, for $1,069 per sq. foot. The Puget Audio Company Journal initially reported on the new report.
Vulcan is establishing a fifth developing for Google, a 12-story substantial-increase at 520 Westlake Ave. N., southwest of the Lakefront Blocks, but completion of that task has been delayed by the concrete truckers strike.
Up to date to right spelling of Ada Healey’s final name.
