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Seattle U-District Office Complex Snagged for $157M
Boston-based Intercontinental Real Estate Corporation acquired its first commercial office asset in Seattle on behalf of one of its managed funds. Roosevelt Commons, a Class A office complex in the University of Washington’s Innovation District (U-District), was reportedly sold by Deutsche Asset Management for $157 million.
Located at 4300 Roosevelt Way NE & 4311 11th Ave. NE, the 100%-leased property comprises two mid-rise office buildings of five and six stories totaling 229,299 square feet, as well as two parking structures. Tenants include Seattle Children’s Hospital and the University of Washington.
Intercontinental’s Jessica Levin says, “We have been searching for the ideal Seattle office investment with a particular focus on the U-District, which is in the early phases of tremendous change. The combination of the new light rail station, new up-zoning which calls for increased density in the area, and the University of Washington’s master plan, will certainly reshape the U-District.
Eastdil Secured’s Jeffrey Weber and Jason Flynn represented both parties.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
