Commerz Real has bought Facebook’s office building in Seattle.
The German fund manager acquired Dexter Station building for its open-ended fund HausInvest.
Stockbridge Capital Group sold the 32,000sqm asset for $286m (€255m).
RFR Group is co-investing alongside Commerz Real and will manage the property.
Social media company Facebook is the sole tenant and has a lease agreement of 10 years.
The company has invested approximately $50m in the development of the office areas.
Andreas Muschter, the chairman of the board of managing directors of Commerz Real, said: “With this prime real estate and a top tenant, we are offering our investors the opportunity to participate in the highly attractive and growing Seattle market and thus to benefit from the potential value appreciation there.”
As reported by IPE Real Estate, the office market in Seattle, the largest city in the Northwestern US, has been benefitting from a growing technology industry.
The Lake Union partial market, which encompasses Dexter Station, is home to technology and media companies, as well as residential areas, parks and green areas.
“The parallel nature of urban residential culture and office areas meets the need of employees for central working, residential and shopping areas,” Muschter said.
“Such a location is an important advantage for companies competing for personnel.”