Commercial Real Estate

Last week, GLL Real Estate Partners sold the 202 Westlake Building in South Lake Union for $129.5 million to La Salle Investment Partners. The sale of the Amazon-tenanted building marks a new record in price-per-square foot of Seattle office space at a whopping $996/SF. That record was previously set by the sale of the same building five years ago when the South Lake Union neighborhood was just at the start of its current rise in popularity. Amazon occupies 100% of the building’s office space, making it a hot commodity. The ground floor is occupied by three restaurants and a bank. According to GeekWire, investors have spent a total of $3.2 billion on buildings leased to Amazon since the beginning of the company’s expansion about a decade ago. Amazon currently occupies over 40 buildings in the city, with more coming, though the city’s controversial new head tax may curb this trend.