German firm makes $802m buy in Seattle, entering the market

Seattle-based Vulcan Real Estate sold the two neighboring upscale building ensembles, which were completed in 2019. As part of a joint venture, Block 25 will be transferred into the open-end real estate funds Deka-ImmobilienGlobal (60 percent) and Deka-ImmobilienMetropolen (40 percent). Block 31 will be allocated in full to the Deka-ImmobilienGlobal portfolio.

Lakefront Blocks 25 & 31 consist of two structurally separate buildings. Block 25 has more than 323,000 square feet of leasable space plus 345 parking spaces and is occupied almost entirely by Google on a long-term lease. The global technology company will also be the anchor tenant in Block 31 for the next few years, which consists of approximately 312,000 square feet and 274 parking spaces.

“We look for trophy real estate assets in premium locations that also reflect the change over time in user behavior. The South Lake Union location aligns with our forward-looking vision of future core based real