Spear Street Capital Acquires Market Place I And II Office Property In Seattle For $60.1M

The property asset involved in the transaction is an office space located at 2001 Western Avenue, Seattle, WA. The sale price was $60,100,000 for an asset that encompasses 131,000 square feet, resulting in a price per square foot of $459. The office property was built in 1981 and features amenities such as conference facilities, dining options, and a parking garage. Prior to the sale, the property underwent a $4 million renovation under the earlier owners.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $60,100,000
• Buyer: Spear Street Capital
• Square Footage: 131,000
• Price Per Square Foot: $459
• Previous Owners: Unico and Morgan Stanley
• Previous Sale Price: $71,200,000
• Year Built: 1981
• Renovation Amount: $4,000,000

The deal was represented by Spear Street Capital, who acquired the Market Place I and II properties from Unico and Morgan Stanley. This transaction reflects a significant change in ownership, occurring approximately 12 years after the previous sale at a lower price.