EQ Office, the U.S. office portfolio operating company wholly owned by Blackstone, has acquired two office buildings in Seattle — U.S. Bank Centre and 999 Third Ave. — for $1.2 billion.
The acquisitions increase EQ's investment to 3.1 million rentable square feet of class A office space in Seattle.
EQ will manage both properties and reposition them to accommodate Seattle's evolving workforce by bringing energy, convenience and optionality that will rival the experiences of Seattle's best neighborhoods.
Both buildings are class A office assets that are currently occupied by tenants such as U.S. Bank, DocuSign and Wells Fargo. The buildings are well located in the CBD with excellent access to transit and strong view corridors.
"Seattle's high quality of life is economically approachable to the young talent that growing companies seek to attract. Combine the lower cost of living relative to other tech markets with access to top academic institutions such as the University of Washington, and you have a recipe for sustained growth," said Lisa Picard, EQ president and CEO. "Not to mention, I've lived here for over 20 years and love the energy of the upper left."
EQ currently manages two properties in Seattle, The Exchange and 800 Fifth Ave. With this latest acquisition, the company's presence in the city has doubled. EQ will reposition the new Seattle properties to enhance the overall tenant experience. U.S. Bank Center will feature a reimagined retail marketplace that will cater to both office tenants and downtown Seattle residents, while 999 Third Ave. will have an improved exterior plaza area. EQ has successfully repositioned several buildings across the country, including Park Avenue Tower in New York City, Playa District in Los Angeles and Willis Tower in Chicago.
