Index Investing News
Sunday, May 25, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Historic Seattle Tower Has New Native House owners

by Index Investing News
August 13, 2024
in Property
Reading Time: 2 mins read
A A
0
Home Property
Share on FacebookShare on Twitter


The Smith Tower dates again to the 1910s. Picture courtesy of Freestone Capital Administration

The Smith Tower, constructed greater than a century in the past as the primary skyscraper in Seattle, has modified arms. A bunch of native buyers led by GT Capital purchased it from Goldman Sachs, in keeping with CommercialEdge info. The property rises 42 tales above the Pioneer Sq. district and was acquired along with the close by Butler Storage.

The brand new possession contains “outstanding Seattle households,” in keeping with Freestone Capital Administration, which can also be part of the three way partnership together with Evergreen Ventures, the choice funding arm of Evergreen Gavekal.

GT Capital Founding Principal Joe Razore mentioned, in ready remarks, that the buyers’ new price foundation will imply the constructing shall be in a powerful place to compete for tenants. 

The 268,700-square-foot tower at 506 Second Ave. dates from the 1910s, when industrialist L.C. Smith tasked New York architects Gaggin & Gaggin to design the tallest constructing west of the Mississippi. Accomplished in 1914, the high-rise has been predominantly workplace since then, but additionally contains ground-floor retail and an commentary deck that may be a fashionable vacationer vacation spot.


READ ALSO: High Tasks That Will Reshape Seattle


A earlier proprietor, Unico Properties, renovated the property within the 2010s, together with adjustments to the commentary deck. Unico had acquired it in 2015 for $74 million, then bought it to Goldman Sachs in 2019 as a part of a portfolio of 27 buildings in Seattle and Denver for $710 million. Smith Tower was additionally renovated within the late Nineties.

The LEED Gold-certified high-rise has floorplates averaging 11,351 sq. toes, in addition to such facilities as a twenty second flooring tenant lounge and roof deck, health middle and cardio studio. Butler Storage is throughout the road.

Present tenants embrace tech corporations, regulation corporations and a writer, amongst others. Damon McCartney and Lauren Hallgrimson with Broderick Group deal with the workplace leasing exercise at Smith Tower.

Seattle workplace market, sluggish

The better Seattle workplace sector is displaying the identical sorts of weak fundamentals as those of different U.S. markets, with emptiness growing for the tenth quarter in a row, in keeping with a Kidder Mathews second-quarter 2024 report.

The Puget Sound emptiness price on the finish of June was 15 p.c, marking a 280-basis-point soar over the yr and a 900-basis-point climb for the reason that onset of the pandemic in 2020. The worth additionally indicated the very best price since 13.4 p.c in 2010, the report confirmed. Seattle’s index clocked in at 18.7 p.c, up 30 foundation factors over the quarter.

In the meantime, workplace gross sales totaled greater than $215 million year-to-date as of June, with the vast majority of transactions involving small-size property averaging 30,000 sq. toes. The biggest property that modified arms within the first 6 months of 2024 was the Boeing Longacres 25-01 Constructing, a 617,262-square-foot asset acquired by Alaska Airways for $85.8 million.



Source link

Tags: HistoricLocalownersSeattleTower
ShareTweetShareShare
Previous Post

From $17K/Yr Instructor Wage to Monetary Freedom

Next Post

How Do You Seize the Tragedy of Conflict? (with Sabin Howard)

Related Posts

WA renters, landlords put together for brand new cap on lease hikes

WA renters, landlords put together for brand new cap on lease hikes

by Index Investing News
May 24, 2025
0

A monumental change hit Washington’s rental market this month, one within the works for years: caps on lease hikes.However what...

Magnificent Spanish Mediterranean Property within the Coronary heart of Denver

Magnificent Spanish Mediterranean Property within the Coronary heart of Denver

by Index Investing News
May 24, 2025
0

6 Ivy Lane, within the Outdated Crestmoor neighborhood, is well recognizable by its iconic blue tile roof and Spanish Mediterranean...

New-home gross sales climb practically 11%, however figures could also be ‘overestimated’

New-home gross sales climb practically 11%, however figures could also be ‘overestimated’

by Index Investing News
May 23, 2025
0

Gross sales of newly constructed single-family houses rose in April, pointing to continued purchaser engagement through the spring homebuying season,...

Goodyear to Promote A part of Chemical Enterprise for 0M

Goodyear to Promote A part of Chemical Enterprise for $650M

by Index Investing News
May 24, 2025
0

This 640,000-square-foot property situated in Akron, Ohio, serves as Goodyear’s headquarters. Picture courtesy of Goodyear Goodyear will promote nearly all...

Seattle’s solely homeless RV car parking zone makes approach for pickleball advanced

Seattle’s solely homeless RV car parking zone makes approach for pickleball advanced

by Index Investing News
May 23, 2025
0

The Seattle Instances’ Venture Homeless is supported by Campion Basis, Raikes Basis and Seattle Basis. The Seattle Instances maintains editorial...

Next Post
How Do You Seize the Tragedy of Conflict? (with Sabin Howard)

How Do You Seize the Tragedy of Conflict? (with Sabin Howard)

Menashe Buys third Largest Workplace Constructing in Portland

Menashe Buys third Largest Workplace Constructing in Portland

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Salah ‘proud’ after turning into first Liverpool participant to attain 50 in Europe

Salah ‘proud’ after turning into first Liverpool participant to attain 50 in Europe

January 22, 2025
‘Do not suppose he ought to apologize’: Donald Trump backs nationwide safety advisor Waltz amid Sign textual content leak fallout

‘Do not suppose he ought to apologize’: Donald Trump backs nationwide safety advisor Waltz amid Sign textual content leak fallout

March 25, 2025
Money managers see recession coming, market volatility likely to persist – Russell Invest

Money managers see recession coming, market volatility likely to persist – Russell Invest

October 27, 2022
Morning Joe Donald Trump: What! ‘Morning Joe’ hosts go to Trump at Mar-a-Lago: ‘We’re not right here to normalize him’

Morning Joe Donald Trump: What! ‘Morning Joe’ hosts go to Trump at Mar-a-Lago: ‘We’re not right here to normalize him’

November 18, 2024
Former YouTube CEO Susan Wojcicki dies at 56 of lung most cancers By Reuters

Former YouTube CEO Susan Wojcicki dies at 56 of lung most cancers By Reuters

August 10, 2024
U.S. fast-food chains add automation to boost speed By Reuters

U.S. fast-food chains add automation to boost speed By Reuters

August 2, 2023
Fast fashion firms prepare for EU crackdown on waste mountain By Reuters

Fast fashion firms prepare for EU crackdown on waste mountain By Reuters

September 1, 2023
EWY ETF: Falling Free Cash Flows Are A Red Flag

EWY ETF: Falling Free Cash Flows Are A Red Flag

January 24, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In