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Met Tower In SLU Sells For $216M

Met Tower In SLU Sells For $216M
The Met Tower in South Lake Union sells to Bellevue-based Continental Properties for $216M.

Continental Properties purchased the 366-unit Met Tower in South Lake Union on Sept. 18 for $216M, according to public records.

Bellevue-based Continental Properties was the original developer of the property in 2001. The sale was made free and clear of existing financing. The seller was Westlake Tower Associates.

Units in the Met Tower are currently renting for between $2,092 for a 511 SF studio to $5,475 for a 1,418 SF three-bedroom unit, according to ApartmentList.com.

Unit amenities include in-unit laundry, a patio/balcony, granite counters, hardwood floors, air conditioning and dishwashers. The property includes a 24-hour gym, a pool, a 24-hour concierge, a sauna, a hot tub and bike storage

The JLL Capital Markets team representing the seller included Senior Managing Director Ira Virden, Senior Director Christopher Ross and Executive Managing Director Matthew Lawton.

The South Lake Union neighborhood has undergone massive change over the last few years. Both high-tech and biotech firms have moved into the area, making residential real estate in the area valuable. Earlier this year, Troy Block — which is fully leased by Amazon — sold for $740M.

A year ago, Google announced it would add more office space to the area by taking over a new 12-story, 322K SF office tower that is planned for Mercer Street and Westlake Avenue.