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EQ Office Acquires Trophy Seattle Towers for $1.2B, Plans Repositioning
Blackstone’s EQ Office acquired two office buildings in Seattle, U.S. Bank Centre and 999 Third Avenue, for a reported $1.2 billion. The properties, which will be repositioned, increase EQ’s Seattle’s Class A office portfolio to 3.1 million rentable square feet, or roughly 16% of the market. The seller was undisclosed.
EQ’s Lisa Picard says, “Seattle’s high quality of life is economically-approachable to the young talent that growing companies seek to attract. Combine the lower cost of living relative to other tech markets with access to top academic institutions such as the University of Washington, and you have a recipe for sustained growth. Not to mention, I’ve lived here for over 20 years, and love the energy of the upper left.”
The 44-story U.S. Bank Centre is located at 1420 Fifth Ave. while the other asset rises 47 stories on Third Ave. The CBD buildings are occupied by tenants such as U.S. Bank, DocuSign and Wells Fargo.
The U.S. Bank Centre deal was brokered by CBRE, and JLL handled the 999 Third Ave. transaction.
*999 Third Ave. photo credit EQ Office
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
