SEATTLE — A fund sponsored by CBRE Global Investors has acquired Metropolitan Park East and West in Seattle for a reported $273 million. The Class A office portfolio contains a total of 708,283 square feet in two buildings.
The 370,849-square-foot, 20-story Metropolitan Park East is located at 1730 Minor Ave. The 337,434-square-foot, 18-story Metropolitan Park West is located at 1100 Olive Way.
The property is situated at the convergence of the South Lake Union, Central Business District and Capitol Hill submarkets. The area boasts a high population of technology and healthcare users.
The portfolio is 93.6 percent leased. Notable tenants include Facebook, Swedish Health Services and the Virginia Mason Medical Center.
“The South Lake Union submarket has experienced tremendous growth as a result of the influx of technology and biotechnology tenants,” says Vance Maddocks, president of strategic partners U.S. for CBRE Global Investors. “Since 2010, the submarket has posted one million square feet of net absorption, and vacancy has decreased from 14.7 percent to 8 percent.”
Metropolitan Park amenities include restaurants, a conference center, electric vehicle charging stations, bike storage and locker rooms. The property also offers attractive views, balcony decks on select floors and 867 parking spaces.
CBRE Global Investors is currently focused on the strategic repositioning of office buildings within districts like South Lake Union that are known for their innovative mix of tenants. The firm believes the buildings’ rectangular design and flexible, 20,000-square-foot floor plates will provide a contemporary work environment conducive to open, collaborative spaces for tenants and their employees.
CBRE plans to implement a capital improvements program at the property that will include the firm’s proprietary 5-Star Worldwide service and amenity program. The 5-Star program provides property management, concierge services and a video-linked conference center.
“Metropolitan Park has already proven its ability to attract a broad range of traditional and creative/tech tenants,” Maddocks continues. “In a market where few owners are offering similar amenities and service, we believe 5-Star will be a differentiator to further attract new tenants and improve tenant retention and satisfaction.”
The seller, Brookfield Office Properties, purchased the portfolio for $210 million in June 2012.
Los Angeles-based CBRE Global Investors is a global real estate investment management firm with $90.6 billion in assets under management, as of the end of last year. The firm is an independently operated affiliate of CBRE Group.