Continental Properties Reacquires 31-Story Met Tower in Seattle for $216.1M
SEATTLE — Continental Properties LLC has acquired Met Tower, a 366-unit residential building in Seattle it helped develop in 2001, for $216.1 million. The seller was Seattle-based Westlake Tower Associates, according to multiple media reports.
Bellevue, Wash.-based Continental developed the 31-story tower in a joint venture with Bentall and sold the building in 2003 for $105 million, or $287,000 per unit. Bentall was looking to get out of the multifamily real estate business at the time, leading to the sale, according to the Seattle Daily Journal of Commerce.
In an interview with the DJC, Claudio Guincher of Continental said what was once considered the outskirts of Seattle’s central business district, is now “on the 50-yard line.” “We are across the street from Amazon,” Guincher added. Met Tower is located at 1942 Westlake Ave., directly across from Amazon’s Doppler building, which serves as the company’s headquarters, housing 3,800 employees.
The multifamily community offers studio, one-, two- and three-bedroom floor plans averaging 894 square feet. Communal amenities include a business center, conference room, fireplace lounge with full kitchen, billiards room, library, fitness facility, aerobics room, indoor pool, whirlpool spa, sauna and locker rooms with steam rooms.
The property also features 10,000 square feet of ground-level retail space open to the public. At the time of sale, tenants included Petra Café, Le Caviste, Barolo Ristorante and Sweetgrass Food Co.
Ira Virden, Christopher Ross and Matthew Lawton of JLL represented the seller in the transaction.
— Alex Tostado