SEATTLE — MetLife (NYSE: MET) has purchased Alley24, a 215,402-square-foot, Class A office building with ground floor retail in Seattle’s South Lake Union submarket, for $129.3 million.
HFF marketed the property on behalf of the sellers, Vulcan Inc. and PEMCO Insurance Co. MetLife assumed an existing life insurance company loan as part of the purchase.
Alley24 is located at 221 Yale Ave. N. Completed in 2006, the property was one of Seattle’s first mixed-use projects to earn LEED certification and features sustainable elements such as natural daylight, operable windows, energy-efficient water flow fixtures, automatic sun-tracking sun shades and environmentally sensitive building materials.
The 85 percent-leased property serves as the corporate headquarters for architectural firm NBBJ. Additional tenants include Skanska and Cole & Weber. Alley24 offers tenants two roof decks and flexible floor plans.
Todd Tydlaska, Nick Kucha and Michael Leggett led the HFF team.
“Alley24 is one of the only true mixed-use assets in the South Lake Union submarket, a centrally located, high-amenity, pedestrian-oriented location that has maintained historical occupancy of more than 96 percent since it was completed,” says Tydlaska.
MetLife’s stock price closed at $37.43 per share on Friday, Feb. 12, down from $50.86 one year prior.
— Haisten Willis