SEATTLE-GLL Real Estate Partners, Inc. has made its first purchase in Seattle, closing this week on the acquisition of 202 Westlake.
The newly-completed 130,530 square foot class A office building sits at Westlake Avenue North and John Street in Seattle’s burgeoning South Lake Union neighborhood.
The six-story building is 100% leased. Amazon has leased and will occupy 118,000 square feet of the building, which is three blocks from the company’s high-rise headquarters now under construction at Sixth and Blanchard. Approximately 12,500 square feet of ground floor retail space at 202, with frontage on Westlake is leased to Umpqua Bank and three restaurant operators.
The building is adjacent to the South Lake Union Streetcar line stop as well as retail amenities such as a Whole Foods Market and furniture and home accessories retailer West Elm. The newly opened Pan Pacific Hotel is one block away. The building includes four levels of below-grade parking.
GLL Real Estate Partners GmbH (GLL) is a Munich-based real estate funds management group. GLL was formed in 2000 by three senior executives of HypoVereinsbank, Germany’s then largest real estate bank, in a joint venture with Lend Lease Corporation and Italian insurance giant Assicurazioni Generali. Generali has some $561 billion (€420B) under management and is capitalized at over $33 billion (€25B). During 2006 Lend Lease divested and the Group is now majority owned by its management team and the balance remains with Generali. GLL’s funds under management now exceed $5.3 billion (€4B) with investments across Western Europe, Central Eastern Europe, South America and the United States. Investors with the Group include pension funds, insurance companies and sovereign entities.