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Originally published September 10, 2013 at 4:49 PM | Page modified September 10, 2013 at 8:48 PM

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SLU office building’s sale sets record

A new Seattle office building on Tuesday fetched about $97 million, or more than $740 per square foot, which real-estate sources called a record for the region.

Seattle Times business reporter

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That is a crazy price. There is still plenty of buildable land in SLU that could be... MORE


A new Seattle office building on Tuesday fetched about $97 million, or more than $740 per square foot, which real-estate sources called a record for the region.

GLL Real Estate Partners, a Munich-based real-estate investment group, bought 202 Westlake — a six-story, 130,000-square-foot building that is almost completely leased to — from a partnership between San Francisco-based Spear Street Capital and First Western Development Services in Edmonds. The sale was recorded Tuesday in King County.

GLL, which declined to comment, has invested more than $2 billion in core commercial properties in major U.S. markets on behalf of pension funds, insurance companies and sovereign funds.

The previous record was last year’s $374.6 million sale of City Center Plaza in downtown Bellevue to CommonWealth Partners, which worked out to $642 per square foot, according to data from CoStar.’s $1.15 billion purchase last December of its campus from Vulcan translated to about $621 per square foot, according to CoStar’s data.

First Western Development Services assembled the Westlake property from 2006 to 2007 in two deals totaling $6.6 million, county records show.

Mike Hess, a partner in the Edmonds development company, said Spear Street Capital essentially financed the speculative office project.

“We thought the market was really ripe down there to lure a tenant,” Hess said Tuesday.

The project was one of the Seattle area’s first speculative office projects coming out of the recession, said John Grassi, president of Spear Street.

Sanjay Bhatt: 206-464-3103 or On Twitter @sbhatt

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