California State Teachers’ Retirement System (CalSTRS) and Beacon Capital Partners have jointly acquired a 70,647-square-foot office building in Seattle. IREI understands the joint venture paid $50.7 million for the property, known as First & Eagle.
First & Eagle is located in the Belltown neighborhood of Seattle. It is a class-B multi-tenant office building. Located at 3005 First Ave., the four-story building was constructed in 1980.
CalSTRS holds a 98 percent stake in the property and Beacon Capital owns the remaining 2 percent.
The tenant base reportedly includes Universal Cells and Econet subsidiary Univera. The property was last sold by Econet in 2018 for $21.5 million.
