Lincoln Lands Puget Sound Creative Space for $59M
Lincoln Property Company acquired 501 Eastlake, a 103,494-square-foot five-story office building located in Seattle from LBA Realty for $58.75 million. Located in the vibrant South Lake Union submarket, the property is 79% leased to a high quality and diverse tenant roster including the regional headquarters for Capital One.
Built in 2002, the unique creative office asset features an on-site athletic facility, walkable amenities and convenient access to I-5, SR 520 and the South Lake Union streetcar.
NKF Capital Markets’ Kevin Shannon, Nick Kucha, Michael Moll, Tim O’Keefe and James Childress represented the seller.
“This is a highly-coveted asset in Seattle’s most desirable market, South Lake Union,” said Shannon. “The size of this deal in the $50 million to $100 range for a multi-tenant asset was a very attractive deal for capital, and created significant bidding depth.”
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