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Seattle Trophy Asset Trades for $313M

New York-based Tristar Capital and RFR Holding purchased Centre 425, a 16-story, 356,909-square-foot office building in Seattle from Schnitzer West for $313 million. The acquisition is the pair’s fourth in the Seattle region in the last 12 months, increasing its total office and retail holdings to more than 1.3 million square feet.

NKF Capital Markets’ Kevin Shannon, Alex Foshay, Ken White and Michael Moll were the transactional brokers for the sale.

NKF’s Shannon says, “The Puget Sound marketplace, including Seattle and Bellevue, has arguably the strongest fundamentals of any office market in the nation. Capital has recognized this momentum and continues to pursue Class A trophy assets such as Centre 425 aggressively.”

Schnitzer West will continue to manage the 16-story, 100%-leased office and retail building, which is located at the corner of North East Fourth and 106th North East Street in Bellevue’s pedestrian core.

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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.

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