Hudson Pacific Buys Amazon Office Building for $119M

The firm purchased a leasehold interest in 5th & Bell, a 192,000-square-foot office building in Seattle that is fully leased to Amazon.

Hudson Pacific Properties has acquired 5th & Bell, a 192,000-squae-foot office building in Seattle, for $119 million. The building is fully leased to Amazon, and the ground lease has a 50-year term remaining.

Located in the Denny Triangle, the six-story property is LEED certified, and it features larges floorplates, outdoor deck, an end-of-trip facility with showers, lockers and bike storage, retail and ample parking.

With this purchase, Hudson Pacific owns nearly 2 million square feet in the Denny Triangle area of Seattle. The company also owns 1918 Eighth, Hill7 and Met Park North in the submarket, and it is developing Washington 1000 near the Washington State Convention Center. In total, Hudson Pacific owns 3 million square feet of office space in the Seattle market. According to Victor Coleman, Chairman and CEO of Hudson Pacific, the company has been able to grow its Seattle portfolio by focusing on “transactions that are immediately accretive to the company.”

Hudson purchased 1918 Eighth Ave. last December in partnership with Canada Pension Plan Investment Board. The 668,886-square-foot office tower traded hands for $625 million. The office building has access to Seattle’s retail core and is near a variety of hotels and urban residential options. The property is located within two blocks of light rail, streetcar service and dozens of bus lines. It is the LEED Platinum-certified 36-story property features 6,697 square feet of ground-floor retail space, a central conferencing facility, a 4,000-square-foot exclusive fitness center, a “great room” lobby design, skyline views and outdoor patio space.

Hudson has also been active outside of Seattle. In July, for example, Hudson Pacific Properties and Blackstone have announced plans to build Sunset Glenoaks Studios, a 240,000-square-foot studio space in Sun Valley. The project represents a total investment of $170 million to $190 million. The project is already fully entitled and is expected to deliver in the third quarter 2023.