As Facebook or “Meta” continues to grab space in our real universe, they continue to grow and grow – despite their continued and blatant censorship of Americans. Some would say they are out of control … Many feel like Mark Zuckerberg will be going to prison for treason and election fraud. The company currently occupies 100% of the South Lake Union office building at 1101 Westlake (along what is not so fondly known as the ‘Westlake Mess’).
In the meantime, real estate conglomerates have used the building as a pawn in a trade with details not fully disclosed. It is unknown if Facebook has ties to BioMed Realty or what their relation may be.
Here is the official press release from Newmark who are real estate brokers involved in the transaction.
Newmark announces it has completed the sale of 1101
Westlake, a recently developed trophy office building measuring 153,708 square feet and located in downtown Seattle’s South Lake Union submarket. The building is 100% net leased to Meta Platforms, Inc. The property traded from Invesco Real Estate, a global real estate investment manager, to BioMed Realty for an undisclosed amount.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll, Executive Managing Director Ken White, Directors Rachel Jones and Jeff Hodson represented the seller in the transaction in conjunction with local leasing expert, Executive Managing Director Jesse Ottele. Newmark Vice Chairman Alex Foshay led the team’s foreign capital outreach as part of the marketing of the asset.
“Investment capital is looking for data points for office product especially and South Lake Union is a submarket for both office and life science that has clear positive fundamentals,” said Shannon.
Built in 2015, 1101 Westlake is a six-story, 153,708-square-foot creative trophy office building featuring LEED Silver Certification and spectacular water views of Lake Union. It is prominently located within Downtown Seattle’s South Lake Union submarket—one of the premier urban live-work-play neighborhoods in the United States and Seattle’s top-performing office submarket. Situated along Westlake Avenue North, the property enjoys proximity to multiple transportation options including the I-5 freeway, Highway 99 and the South Lake Union Streetcar. The location is also walkable to a numerous shopping, dining and entertainment amenities.
“The mark-to-market upside in conjunction with the credit, asset quality, deal size and South Lake Union location generated significant investor interest from a wide range of capital,” said Moll.”
The property is 100% net leased to Meta Platforms, Inc. providing the new owner with a highly coveted credit income stream backed by one of the world’s leading technology firms. Meta strategically moved into space at the nearby Dexter Station in 2015 and has since tremendously grown its South Lake Union footprint.
The Puget Sound office market steadily improved at the start of the new year, according to Newmark Research, with solid fundamentals and indications that the overall outlook for 2022 is bright. Mask mandates in King County were rolled back in mid-March, an encouraging step that stimulated a return-to-office wave for some of the region’s largest employers. After several variant-related delays, companies like Microsoft, Meta and Twitter have finally begun to fill up the expanded footprints acquired over the past two years. While hybrid work models are certain to remain, the trend is unlikely to have any lasting negative impact, as employers are securing spaces capable of accommodating critical mass.
About Invesco Real Estate
Invesco Real Estate is in the real estate investment management business with $91.8 billion in real estate assets under management, 582 employees and 21 regional offices across the U.S., Europe and Asia (as of December 31, 2021). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. http://www.invesco.com.
Newmark Group, Inc. is in commercial real estate. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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