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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