German investor Union Investment Real Estate GmbH acquired the 376K SF Midtown21 in the Denny Triangle, one of the Seattle buildings that Amazon occupies on a long-term basis, for about $330M.
Midtown21, which was completed in 2016 as a joint venture between MetLife Real Estate and Trammell Crow, will be transferred to the holdings of open-ended real estate fund Unilmmo: Europa, which has an investment focus on Europe but also acquires properties elsewhere. The fund already is represented in Seattle with two office buildings and a hotel.
Its holdings include the 398K SF Amazon Phase VI office building, which is likewise occupied by the behemoth retailer. In March, Union Investment acquired the Hilton Garden Inn Hotel, close to Midtown21.
Though occupied by Amazon, the property was originally intended to be multi-tenant, and includes a large open area for both scheduled and impromptu meetings, along with a conference center for employee training. In addition to 306 parking spaces in a six-story underground car park, the building features secure spaces for bicycles and showers for employees. It is LEED Gold certified.
“Going forward, the quality of the location will continue to improve, such as through the expansion of the Washington State Convention Center and the extension of the urban rail system,” said Union Investment's Willis Kim, head of U.S. West Coast and Canada.
The Washington State Convention Center will be expanded by 430K SF by 2020, and Seattle’s light rail network is expected to expand by about 33 miles over the next six years.
