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Tristar And RFR Come Back For More, Acquire Amazon-Leased Building For Record Price


NY-based Tristar Capital and JV partner RFR Holding have bought their second Amazon-leased building in Seattle — the new 12-story, 290k SF Urban Union at 501 Fairview Ave N — for nearly $269M.

The seller, Seattle-based Schnitzer West, developed the building. At $925/SF, it was a record price for an office building in the region, although an office/data center combo, KOMO Plaza, traded for more not long ago, according to the Puget Sound Business Journal.

Only two months ago, the partners ponied up $244M for Phase VII of Amazon's South Lake Union campus, a 313k SF building at 400 Ninth Ave N fully occupied by the retail behemoth and developed by Vulcan in 2015.

Tristar made clear its intentions to keep buying big in Seattle at the time of the Phase VII deal, and it has proven so. NGKF's Kevin Shannon, Ken White and Michael Moll brokered the sale of Urban Union. [PSBJ]