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REA
March 08, 2017  

Seattle Tower Leased to Amazon Hits Market

A MetLife Real Estate Investors partnership is marketing a new Seattle office building that’s fully leased by Amazon.com.

The 373,000-square-foot property, at 1007 Stewart Street in the South Lake District, could attract bids of about $950/sf, or almost $355 million. CBRE is advising MetLife and its partner, Trammell Crow of Dallas.

The 21-story building, dubbed Midtown 21, was completed last year. Amazon, which signed a long-term lease, is in the process of moving in. The online retailer occupies 8 million sf in Seattle — or almost 20% of the city’s total office space.

The property includes some 380 parking spaces and a conference center. It’s within walking distance of the trendy South Lake retail district.

Another Seattle building fully leased by Amazon sold in January. A TriStar Capital partnership acquired the 291,000-square-foot Urban Union building, at 501 Fairview Avenue North, from developer Schnitzer West of Seattle for $268.7 million, or $924/sf. Newmark Grubb was the broker.