Jamestown Rounds all the Bases with Home Plate Center Buy
Home Plate Center, a two-building class-A multi-tenant office campus in the South of Downtown/Pioneer Square (SODO) submarket of downtown Seattle, recently sold to Jamestown. The property is LEED Gold certified and the newest institutional office asset to be delivered in the SODO submarket.
Newmark’s Kevin Shannon, Nick Kucha, Ken White, Rob Hannan, Michael Moll and Rachel Jones, in conjunction with local leasing broker, Dwight Newell of CBRE, represented the seller, American Life. David Milestone and Brett Green of Newmark were retained by the buyer to procure new financing for the acquisition. The terms of the transaction were undisclosed.
“Home Plate Center represents a unique opportunity to acquire a newer vintage, multi-tenanted class-A asset in downtown Seattle, where most new construction investment offerings have been single-tenant transactions,” said Shannon. “This sale to Jamestown marks their first acquisition in Seattle which is a testament to capital’s belief in the continued leasing recovery and performance of the market.”
The property, situated adjacent to T-Mobile Park and Lumen Field, spans 347,874 square feet and is 94 percent leased to nine tenants. “With the continued rise in land values and escalating construction costs, Home Plate Center offers a compelling discount to replacement cost, especially when taking into account the above-market parking ratio and high-end tenant improvements at the property,” Moll adds.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.