Intercontinental Real Estate Corporation, on behalf of one of its managed funds, has acquired its first commercial office asset in Seattle for $157m (€141m).
The real estate investor said it has bought Roosevelt Commons, an office complex in the University of Washington’s innovation district (U-District).
Located at 4300 Roosevelt Way NE & 4311 11th Avenue NE, Roosevelt Commons comprises two mid-rise office buildings of five and six stories totalling 229,299sqft as well as two parking structures accommodating 432 automobiles.
Intercontinental’s senior director, acquisitions Jessica Levin, said: “We have been searching for the ideal Seattle office investment with a particular focus on the U-District which is in the early phases of tremendous change.
“The combination of the new light rail station, new up-zoning which calls for increased density in the area, and the University of Washington’s master plan, will certainly reshape the U-District. We believe we are getting in at an opportune time in the U-District’s lifecycle.”
The acquisition increases Intercontinental’s portfolio in the Pacific Northwest to more than 2,000 multifamily units and approximately 300,000sqft of commercial office space. The company’s portfolio now includes over 26m sqft of commercial space and more than 12,000 multifamily units located across the US.