Intercontinental Real Estate Corp., on behalf of one of its managed funds, has acquired its first commercial office asset in Seattle — Roosevelt Commons, a class A office complex in the University of Washington’s Innovation District (U-District) for $157 million.
Located at 4300 Roosevelt Way NE and 4311 11th Avenue NE, Roosevelt Commons comprises two mid-rise office buildings of five and six stories totaling 229,299 square feet, as well as two parking structures accommodating 432 automobiles. Roosevelt Commons is within walking distance from the new Link U-District light rail station, one of three new stations now under construction along the mass transit system’s Northgate Extension. When it opens for service in 2021, the U-District station will connect the area to the Seattle CBD, SeaTac Airport and Bellevue, Wash. The property was 100 percent leased at closing, with 86 percent of the net rentable area leased to investment-grade credit tenants, including Seattle Chil
