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501 Eastlake Building In SLU Sells For $58.75M

501 Eastlake building sells for $58.75M.

The 501 Eastlake office building in South Lake Union recently sold to Lincoln Property Co. for $58.75M, or $568/SF. The 103,494 SF building is the Capital One regional headquarters. It was 79% leased at the time of sale. The building was constructed in 2002.

NKF Capital Markets co-head of U.S. Capital Markets Kevin Shannon, Vice Chairman Pacific Northwest Nick Kucha, Managing Director Michael Moll, Executive Managing Director Tim O’Keefe and Director James Childress represented the seller, LBA Realty.

The South Lake Union neighborhood’s vacancy rate was 5.4% in the fourth quarter, according to a statement from NKF. Class-A office rents have risen 70% since 2011.