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Newmark Closes Office Campus Sale in South Lake Union
Newmark closed the sale of 1000 and 1100 Dexter, a two-building, Class A office property totaling 223,233 square feet in Seattle’s South Lake Union, a top-performing office and life sciences submarket. The asset sold for an undisclosed amount.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Nick Kucha and Michael Moll, Managing Director Rachel Jones and Associate Director Liam Ogburn, in cooperation with Executive Managing Director Jesse Ottele and Senior Managing Directors Cavan O’Keefe and Daniel Seger, represented the sellers, SBC and Stockbridge. The buyer was an affiliate of Palisade Group and Sabal Investment Holdings.
“The strong interest we received from both institutional and private buyers was a result of capital’s fundamental belief in the South Lake Union office market as well as the ability to assume an in-place loan at an incredibly low fixed rate with term remaining,” said Moll.
Photo credit: Kristi Galbraith of Red Studio Inc.
