Global Investors has bought two prime Seattle office assets for a fund it manages.
The investment manager said the properties are in an area of Seattle experiencing βtremendous growthβ.
Media reports said Global Investors paid owner Brookfield $273m (β¬253m) for the assets, making the deal the biggest in Seattle this year.
The South Lake Union submarket is attracting creative and technology sectors, CBRE Global Investors said.
CBRE Global Investors said it will make capital improvements to enhance the appeal of the property, aiming to attract both traditional and technology users.
A high concentration of technology and healthcare users has spurred office, retail, residential and hotel development adjacent to the property.
The two Metropolitan Park properties, which are 93.6% leased, are multi-let and total 708,283sqft.
βThe South Lake Union submarket has experienced tremendous growth as a result of the influx of technology and biotechnology tenants,β said Vance Maddocks, chief executive of CBRE Global Investors.
βSince 2010, the submarket has posted 1m sqft of net absorption, and vacancy has decreased from 14.7% to 8%.
βMetropolitan Park has already proven its ability to attract a broad range of traditional and creative/tech tenants.β
, the real estate subsidiary of the Caisse de deΜpoΜt et placement du QueΜbec, and Callahan Capital Properties, bought two office properties for $280m in Seattle.
Adam Adamakakis, executive vice president of US investments at IvanhoeΜ Cambridge, said the investor owns 13% of Seattleβs class-A, central business district office market.
