Skanska Sells Majority Stake in Seattle Mixed-Use Tower for $669M, Nation’s Largest Single-Property Trade Since Pandemic
SEATTLE — Skanska has sold a 95 percent stake of 2+U, a 38-story mixed-use tower in downtown Seattle. South Korea-based Hana Alternative Asset Management and parent firm Hana Financial Group purchased the majority interest from the Swedish developer for $669 million. According to Skanska, the sale of 2+U is the largest single-property commercial real estate transaction in the United States since the pandemic began.
Office tenants at 2+U include job search giant Indeed.com, tech firm Dropbox, coworking operator Spaces and customer experience firm Qualtrics. Retail tenants include Italian eatery Ethan Stowell Tavolàta and Seattle-based specialty coffeeshop Caffe Ladro.
Hana has hired Houston-based Hines to manage 2+U. The development is situated near Seattle Art Museum, Waterfront Park, Benaroya Hall, Pike Place Market and downtown’s Pioneer Square neighborhood.
Skanska delivered the 701,000-square-foot office component of 2+U, which is named after its location at Second Avenue between Union and University streets, in late 2019. The office tower is raised 85 feet off the ground and the retail component, which is still under development, is tucked underneath the podium. 2+U also includes nearly a half-acre of open space for tenant and community gatherings.
Skanska will retain a 5 percent interest in 2+U and is wrapping up construction for Urban Village at 2+U, the tower’s ground-level retail component. The developer recently signed The Shop by Porter, a corporate interior design retailer founded by California-based One Workplace. The Shop by Porter will occupy 3,763 square feet next summer for its first Seattle store and fifth location overall.
Skanska also signed local men’s hair salon and grooming boutique Valiant Barber & Supply, which will lease 370 square feet at Urban Village. Valiant plans to open before the end of the year.
Skanska has invested a total of $2.7 billion in commercial and multifamily projects in the United States, including MetLife Stadium. The developer has its U.S. headquarters in New York City with offices in 28 metro areas with 7,900 employees nationwide.
Founded in 2005, Hana Financial Group is the third largest financial institution in South Korea by market capitalization. According to Forbes, the Seoul-based organization’s business lines include banking, securities, credit cards and life insurance.
— John Nelson