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Hudson Pacific, Canada Pension Plan Buy Denny Triangle Tower for $625M
Los Angeles-based Hudson Pacific Properties, Inc. and Canada Pension Plan Investment Board are acquiring 1918 8th Avenue in Seattle’s Denny Triangle for $625 million. The 668,000-square-foot trophy office tower is 98% leased, with Amazon as its largest tenant occupying a majority of the building.
The sellers are reportedly institutional investors advised by J.P. Morgan Asset Management. Newmark’s Kevin Shannon, Rob Hannan, Ken White, Nick Kucha, Mike Moll and Alex Foshay represented the sellers. Newmark’s David Milestone and Brett Green are arranging 50% financing on the sale. The deal is expected to close Q4 2020.
Hudson Pacific’s Victor Coleman says, “Time and again, we’ve had success in growing our portfolio with properties adjacent to existing assets in neighborhoods undergoing positive transformation, and 1918 8th Avenue represents a perfect opportunity to do that once more in Denny Triangle and with our trusted partner CPP Investments.”
Hudson Pacific and CPP Investments also own Hill7 nearby and 1918 8th Avenue is also near Hudson Pacific’s Washington 1000, a fully entitled Class A office development site.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
