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CPPIB enters Seattle office market
The C$279 billion ($212 billion) Canada Pension Plan Investment Board has made its first office investment in Seattle. CPPIB and Hudson Pacific Properties have acquired a 285,680-square-foot, class A office tower in Seattle, known as Hill7, for $180 million. CPPIB will own a 45 percent interest in the joint venture; Hudson Pacific will own 55 percent and act as managing member, responsible for property management, leasing and construction.
Hill7 is located at 1099 Stewart St. in Seattle’s Denny Triangle neighborhood, directly adjacent to South Lake Union. The newly constructed, 11-story office building is currently 80.4 percent leased, with HBO Inc. and Redfin Corp. as anchor tenants.
Seattle remains one of the hottest U.S. property markets, and one of the tightest office markets in the country, according to JLL’s Seattle-Bellevue Third Quarter 2016 report. For the fourth consecutive year, the Seattle metropolitan market has experienced more than 2 million