Korean Investor Acquires Amazon VIII
The largest investment manager in South Korea, Mirae Asset Global Investments, has snapped up Amazon Phase VIII in South Lake Union. The investor paid Vulcan Real Estate $246.8M for the 317k SF property, completed last summer. The deal marked Mirae Asset's first office acquisition on the West Coast, though it owns eight other US properties, including the Fairmont Hotel in San Francisco, the Puget Sound Business Journal reports.
This is hardly the first such sale by Vulcan to an overseas buyer smitten with the Seattle market. The locally based Metzler Real Estate repped Mirae Asset in the buy. The deal comes on the heels of another overseas investor, German real estate fund management group GLL, agreeing to buy the 50-story Safeco Plaza Downtown for $387M. [PSBJ]