LaSalle Completes Acquisition 202 Westlake; Class-A Office Building in Seattle
CHICAGO (June 07, 2018) — LaSalle Investment Management (“LaSalle”) announced that it has closed on the acquisition of 202 Westlake, a six-story, 131,000-square-foot, Class-A office building located along Westlake Avenue in the heart of the South Lake Union neighborhood of Seattle.
202 Westlake was developed in 2013 as a multi-tenant building catering to technology and life science users. The building’s office component is fully occupied by Amazon, and the balance of the property is leased to four ground-floor retail tenants, including Chipotle Mexican Grill, Umpqua Bank, Kigo Kitchen and Homegrown. Rental rates at the property at the time of acquisition present mark-to-market opportunities, and the weighted average remaining lease term is nearly 10 years. The building’s tenants offer considerable financial strength, with each having made substantial capital investments in their spaces.
On-site amenities at 202 Westlake include subterranean parking, bike storage, showers, lockers and quick-service food retailers. The building is centrally located in the heart of South Lake Union, offering an amenity-rich, walkable area that boasts high-quality dining, nightlife and retail options in direct proximity – including Whole Foods, which is situated just one block away. The adjacent Belltown neighborhood offers a number of high-end residential developments that are highly sought among area workers.
Erick Paulson, Managing Director of Acquisitions at LaSalle, commented: “202 Westlake presented a great opportunity to be in the epicenter of South Lake Union, an area that attracts highly-sophisticated corporate tenants, with companies in the tech, software and healthcare industries, following Amazon’s lead to join the burgeoning tech hub in recent years. The building benefits from a prime location along a major thoroughfare that offers compelling lifestyle amenities and convenience for all modes of transportation. The downtown Seattle market is driven by rapid growth in the tech market, along with strong economic and labor performance – all factors that make this market one of LaSalle’s target markets for core assets.”
Steve Lieb, Portfolio Manager at LaSalle, added: “We are very pleased to have completed the acquisition of this Class-A asset. 202 Westlake represents a tremendous opportunity to increase our exposure to high-quality, mixed-use office assets, with stable credit quality, in one of LaSalle’s target markets. With in-place rents trending on the conservative side of the market, the property offers long-term upside potential. The amenity-rich location, high credit-quality tenant roster, and durable income profile make this asset an attractive investment.”
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $60.5 billion as of Q3 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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