Amazon At Apollo in SLU Sells For $270.1M
The 12-story, 317K SF Amazon at Apollo in South Lake Union was purchased by Tristar Capital LLC and RFR Holding in late December for $270.1M.
Both firms are headquartered in New York City.
The building was constructed in 2015 and built-to-suit for Amazon, which is a long-term leasee. Mirae Asset Global Investments purchased the property in 2016 for $246.8M.
This acquisition continues the trend of Tristar and RFK teaming up to buy tech-occupied office buildings in the area. Back in 2017, the firms purchased Amazon-leased Urban Union for $269M. Schnitzer was the seller on that deal. The team also bought the 313K SF Phase VII of Amazon’s South Lake Union campus for $244M earlier that year.
In October, Met Tower, which is also occupied by Amazon and is in SLU, sold for $216M. Facebook and Google also have offices in the submarket.
According to Newmark Knight Frank’s third-quarter 2019 market report, the Lake Union office submarket is the lowest in Seattle at 2.8%.
NKF co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Michael Moll and Vice Chairman Alex Foshay, in cooperation with NKF local market expert Executive Managing Director Jesse Ottele, represented the seller. The buyer was self-represented.