Transactions - DECEMBER 21, 2015

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German investor buys office asset in Seattle

by Andrea Waitrovich

Hamburg-based Union Investment, on behalf of its open-end real estate fund Unilmmo: Europa, has acquired the Amazon Phase VI buildings in Seattle for $299 million. The seller was Vulcan Real Estate.

“Seattle is one of the fastest-growing U.S. cities, and highly attractive to young, well-educated employees, so it provides ideal conditions for our increased international focus,” said Martin Brühl, head of Investment Management International at Union Investment, in a statement.

The 395,000-square-foot property is almost fully leased on a 15-year lease. The class A office complex has LEED Gold certification and consists of two buildings, located at 515 Westlake Ave. N. and 500 Ninth Ave. N.

The new acquisition, Amazon Phase VI, is located in the established submarket of South Lake Union, which is popular with tech startup companies. The population of South Lake Union, which is already the largest office market in Seattle after the CBD, is

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