January 16, 2017
The Urban Union office building in Seattle’s South Lake Union area sold to TriStar Capital and RFR Holding for $268.9 million. Seller Schnitzer West had developed the 290,000-square-foot building at 501 Fairview Ave. After it opened in 2016, the developer began a $10.5 million project for Amazon, which leased the entire building. Schnitzer West, with corporate offices in Bellevue, WA and Denver, has built several high rises in the area in recent years.
TriStar and RFR acquired another Amazon building, this one at 400 9th Ave. in November for $244 million. According to the Seattle Times, additional Amazon-occupied office buildings have traded hands for top dollar in recent years.
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