Publications

Transactions - APRIL 21, 2016

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

CalPERS to sell Seattle office asset for $387m

by Andrea Waitrovich

CommonWealth Partners, on behalf of the $285 billion California Public Employees' Retirement System, is in contract to sell Safeco Plaza in Seattle for a rumored sales price of $387 million. A buyer was not identified; however, Real Capital Analytics lists a private investor based in South Korea as the new owner. An official announcement has not been released.

Safeco Plaza, previously 1001 Fourth Avenue Plaza, and the Seattle-First National Bank Building, is a 50-story skyscraper in downtown Seattle. Safeco Insurance Company of America leased the building in May 2006, and it currently serves as the insurance company’s headquarters.

CalPERS’ National Office Partners bought Safeco Plaza in April 2005 for $162.8 million. In 2011, CalPERS transferred management ofits National Office Partners real estate portfolio from Hines to CommonWealth Partners. The $998 million portfolio consisted of approximately 5.2 million square feet of class A office prop

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy