December 17, 2015
Investors from Asia had a huge impact on Seattle’s real estate market in 2015, spending nearly $885 million on office assets. This represents close to one-fifth (or 17%) of the $4.4 billion in total sales for the year.
Topping the investor list is Gaw Capital Partners, a private equity fund in Hong Kong, which paid $711 million for Columbia Center in August. The fund then acquired Seattle Tower for $49.5 million in October. And in early November, the Dexter Horton Building was put under contract, with Hong Kong-based Great Eagle Holdings the buyer.
According to Tom Pehl of CBRE, the 2015 office sales will be the third-highest historically in the region, beaten out by the $9.6 billion in 2007, and 2012’s $4.9 billion mark.