Union Investment has bought a Seattle office asset for nearly $300m (€276m).
The German investment manager acquired the Amazon Phase VI building in the city’s South Lake Union district.
The property is almost fully let on a 15-year lease.
The 395,000 sqft asset was bought by Union for its open-ended, Unilmmo: Europa fund.
Martin Brühl, head of investment management international at Union, said: “Seattle is one of the fastest-growing US cities and highly attractive to young, well-educated employees, so it provides ideal conditions for our increased international focus.”
Developer Vulcan Real Estate sold the building, at 515 Westlake Avenue North and 500 Ninth Avenue North, in an open market deal.
Union’s 20-storey Millennium Tower in Seattle has been part of the UniImmo: Europa portfolio since 2003.
Two years ago, Union sold the Fifth & Pine building in Seattle for a substantial profit.
