Goodman Real Estate sells medical building for $113m
Privately held family office Menashe Properties has acquired the historic Medical Dental Building, an approximately 300,000-square-foot, office/medical building located in the dynamic Seattle central business district.
“The Medical Dental Building is a perfect legacy asset for us and yet another stepping stone for the next generation of Menashe Properties,” said Jordan Menashe, CEO. “The iconic Medical Dental Building is in an A+ location in the heart of booming Downtown Seattle with South Lake Union only steps away. Our focus will be on providing a personal experience defined by quick decision making and a willingness to make deals with open arms with tenants of any size.”
The sales price was $113 million.
“Seattle is the third tightest office market in the country; rents continue to increase due to the limited supply of space combined with the immense influx of technology tenants,” Freels added. “The Medical Dental Building serves a unique purpose for our Downtown market and provides convenient access to health care for the many downtown employees.”
The seller was Goodman Real Estate, a privately held real estate investment company specializing in multifamily and commercial real estate.
The 18-story landmark building was constructed in two phases in 1925 and 1950, renovated in 2008 and recently received more than $25 million in building upgrades, including new lobby finishes and the creation of a winter garden common area. The property includes a diverse roster of over 130 professional tenants, primarily private medical and dental practices, and office space. Bartell Drug Co., the country’s largest and oldest family-owned pharmacy headquartered in Seattle, anchors the Medical Dental Building with a 12,606-ground floor retail store. Additional major tenants include Deltek, Inc. and The Polyclinic. The property is located within Seattle’s key retail corridor, adjacent to Nordstrom’s flagship store and a five-minute walk from Amazon’s world headquarters campus.
Headquartered in Seattle, Wash., Goodman maintains a diversified portfolio of quality commercial property investments across the United States and Canada. With its managed assets valued at more than $2.5 billion, this portfolio spans the spectrum of risk-adjusted investments: multifamily construction; hotels and resorts; office and retail buildings; land development and structured investments.
