June 19, 2017
Union Investment Real Estate GmbH acquired Midtown21, a 21-story office building in Seattle for $330 million. The 380,000-square-foot building was developed by a joint-venture between MetLife Real Estate and Trammell Crow Co.
Union Investment’s Matthew Scholl says, “Midtown21 is one of the most prestigious newly constructed office buildings in the Denny Triangle submarket, and makes an ideal addition to our US portfolio.”
The project delivered in 2016 and is located at 1007 Stewart St. in the high-growth Denny Triangle area. The lead tenant at the 98.4%-leased property is Amazon. Midtown21 also includes a large open area that is used for both scheduled and impromptu meetings, as well as a conference center and 306-space parking garage.
The asset will be held by the open-ended real estate fund Unilmmo: Europa. The fund’s other Seattle area assets include the 400,000-square-foot Amazon Phase VI office building, and the Hilton Garden Inn Hotel.
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