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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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition