Russell Investments Center bought by CommonWealth Partner for $480 million
The Russell Investments Center, which provides much Seattle office space to rent, has just been bought by Los Angeles-based real estate investment, management and development firm, CommonWealth Partner for $480 million, equating to $550 per square foot of office space.
Property and real estate services advisor, CBRE, says that this purchase marks the West Coast’s largest single-asset sale since 2006. Built in 2006, the building is 42 storeys and offers 872,026 square feet of office space to rent, situated on 1.2 acres in the Central Business District of Seattle.
The last 10 years have seen only 8 class-A office buildings in the Central Business District, of which the Russell Investments Center is one. CBRE’s Vice Chairman, Kevin Shannon, says, “This is a best-in-class building that is widely considered one of the top three assets in the entire Seattle market. Its premiere location, unobstructed water views, LEED Platinum status, and exceptional credit tenant base made for a highly competitive bid process.”
Within the last 2 years, the building has gone from 30% to 95% occupancy and many businesses who rent office space there are within the technology, bio-tech, retail and finance sectors and include companies such as JP Morgan Chase, Boeing, Nordstrom and Russell Investments.