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Troy Block Sells For Record $740M

The Troy Block in South Lake Union is fully leased by Amazon.

The South Lake Union Troy Block, which is fully leased by Amazon, recently sold in a transaction that represents the largest asset trade by volume in the history of Seattle. The block is at 300 Boren Ave. N and includes 811,520 SF in two newly constructed office towers. 

Ponte Gadea, based in Spain, paid $740M to acquire the office complex, according to a report by The Registry. That works out to $912/SF. The seller is USAA Real Estate and Touchstone.

The towers were completed in 2016 and 2017 and are both LEED-Gold certified. The 12-story tower is 387,476 SF, while the 13-story tower is 415,452 SF. The complex includes 4K SF of ground-floor retail, as well as an underground parking garage with 1,118 stalls. 

Holliday Fenoglio Fowler represented the sellers. The team included Executive Managing Directors Mark Gibson, Stephen Conley and Manny De Zarraga, Senior Managing Directors Michael Leggett, Gerry Rohm and Coleman Benedict, and Directors Kevin Freels and Logan Greer.