Last week, it was announced that 4 Seattle office buildings were among the most expensive office deals of 2021. Barely three months into the year and Seattle’s Google Lake Union Campus has sold for a record-breaking and mind-boggling price of $802 million. Let’s get into some details.
To put this sale in perspective, last year’s most expensive office building sale was 300 Pine Street which sold for $579,386,461. The Google Campus sale equates to more than $1,260 per square foot and is a sign of confidence in the tech office market. Especially because it was purchased by Deka Immobilien aka DekaBank, “the securities services provider of the German Savings Banks Finance Group.”
Between the stunning views of Lake Union and the campus’s close proximity to Seattle’s tech hub, it’s easy to see why this building went for such a high price. When compared to the sale prices of last year’s most expensive building, the Google Campus sale is undeniably a record-breaker. That being said, as life returns to relative “normal”, it’s likely that the cost of office buildings will continue to rise especially in the tech sector.
Until the next mind-boggling office sale… have a great week, folks!