GLL Real Estate Partners recently completed the sale of 202 Westlake to LaSalle Investment Management. The 130,500 SF building is in South Lake Union.
The building sold for a reported $129.5M, or about $996/SF, a new record per square foot for Seattle office, according to GeekWire.
The six-story building’s office space is 100% leased to Amazon. There is approximately 12,500 SF of ground-floor retail space, which is currently leased to Chipotle, Kipp Kitchen, Homegrown and Umpqua Bank. The building has four levels of subterranean parking.
GLL acquired the property in September 2013 when South Lake Union, a former industrial neighborhood, was an up-and-coming micro-market inside Seattle’s larger office market. The neighborhood is now a live-work-play community with research institutions and tech tenants, validating GLL’s original decision to invest in the Seattle market, GLL Chief Investment Officer Dana Gibson said.
Gibson said Amazon has been a tenant for the last five years. The building sits at the center of Amazon's 1.8M SF lower-rise headquarters location. Amazon's future growth in the city may be curbed by the new per employee head tax the city has passed for large employers to raise funds to address issues of homelessness in Seattle.
