SEATTLE—GlobeSt.com first got wind of an Amazon.com 12-story office building being on the block back in April. At the time, sources said that the building could fetch near $260 million and Vulcan Real Estate, while not disclosing details, told us that the “market will determine pricing based on a competitive bidding process.”

Well that process finalized and Mirae Asset Global Investments paid $246.8 million for the Amazon.com Phase VIII property at 325 Ninth Avenue North.

GlobeSt.com learned today that Vulcan's Amazon Phase VII property at 400 Ninth Avenue North has just fetched $244 million. The buyer was New York City-based Tristar Capital and RFR Holding.

Completed in 2015, the award-winning 12-story project at 400 Ninth Avenue North features 313,000 square feet of office space fully leased to Amazon, 5,700 square feet of ground-floor retail space fully leased to Sam's Tavern and a four-level subterranean garage.

“We're excited to enter the vibrant Seattle business community with this acquisition,” says David Edelstein, president of Tristar Capital. “We are long-term investors and look forward to exploring other opportunities that enable us to expand our presence in significant ways.”

In addition to a public plaza, the project includes a landscaped rooftop terrace with sweeping views of the city. A public art installation by local artist Dan Corson, titled “Nebulous,” is suspended above the public plaza, evocative of the changing environmental and technological climate of Seattle and the world.

“The high-quality nature of the building, coupled with Amazon's strong credit, made for an attractive pairing for institutional investors,” says Ada M. Healey, VP of real estate for Vulcan Inc.

Amazon Phase VII is LEED Gold certified, and was designed by NBBJ and built by Turner Construction.

In 2015, the Washington State Chapter of NAIOP honored Vulcan with the Office Development of the Year award for its one million-square-foot expansion of Amazon.com's South Lake Union headquarters, including Amazon Phase VI, Phase VII and VIII.

The transaction team was led by Kevin Shannon, Ken White, Michael Moll and David Milestone of Newmark Grubb Knight Frank, and supported by Tom Pehl, Lou Senini and Owen Rice from Seattle's CBRE office.

“Core best-in-class office product in prime locations such as South Lake Union continues to be attractive, late cycle, to both domestic and foreign capital,” says Shannon, president of West Coast Capital Markets for Newmark Grubb Knight Frank. “This sale augments a recent trend, in Seattle especially, of new buyers entering this dynamic market.”

Shannon previously told GlobeSt.com that “In the last five years, Seattle has clearly established itself as the sixth coastal gateway market along with NY, San Francisco, LA, DC and Boston for both domestic and foreign capital. Recent large office sales to Mirae Asset, GLL , Investcorp, Gaw Capital, Union, Pacific Eagle etc. shows clearly how global capital has migrated to Seattle from three different continents during the last year.”

He also told us that “Seattle doesn't struggle with the 'unicorn' tenant perception issue like San Francisco and has the best overall credit tenant profile of the three gateway coastal markets.”

Well that process finalized and Mirae Asset Global Investments paid $246.8 million for the Amazon.com Phase VIII property at 325 Ninth Avenue North.

GlobeSt.com learned today that Vulcan's Amazon Phase VII property at 400 Ninth Avenue North has just fetched $244 million. The buyer was New York City-based Tristar Capital and RFR Holding.

Amazon Phase VII is LEED Gold certified, and was designed by NBBJ and built by Turner Construction.

He also told us that “Seattle doesn't struggle with the 'unicorn' tenant perception issue like San Francisco and has the best overall credit tenant profile of the three gateway coastal markets.”

Instant Insights /

NY-Based Buyers Tristar Capital, RFR Pay $244M for Seattle Building

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