Seattle’s South Lake Union Troy Block Trades for Record $740M

Troy Block, two newly-constructed, Class A+ office towers in Seattle’s South Lake Union submarket, has traded hands for a reported $740 million, representing the largest single asset trade by volume in Seattle history. Spanish investment firm Pontegadea Inmobiliaria was the buyer, while the seller was a partnership between USAA Real Estate and Seattle-based Touchstone.

The 811,520-square-foot asset at 300 Boren Avenue North is fully-leased to Amazon. Completed in 2016 and 2017, the two LEED Gold-certified towers offer the highest quality improvements and latest building technology with multiple tenant amenities.

The buyer is the real estate arm of the founder of fashion group Inditex, Amancio Ortega, Europe’s richest man, whose company is parent to Zara and other retail brands. It is the fund’s biggest acquisition in the United States to date.

HFF’s Mark Gibson, Stephen Conley, Manny De Zarraga, Michael Leggett, Gerry Rohm, Coleman Benedict, Kevin Freels and Logan Greer represented the seller.

For comments, questions or concerns, please contact Dennis Kaiser

Inside The Story

Connect With Pontegadea/InditexConnect With TouchstoneConnect With HFF’s Gibson

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

Order Reprints

◦Sale/Acquisition

Sub Markets

National

Property Sectors

Topics

National CRE News In Your Inbox.

Seattle’s South Lake Union Troy Block Trades for Record $740M

Inside The Story

About Dennis Kaiser

STAY INFORMED

Sub Markets

National

Property Sectors

Topics

National CRE News In Your Inbox.

Seattle’s South Lake Union Troy Block Trades for Record $740M

Inside The Story

About Dennis Kaiser