Photo via Newmark
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.”
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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!
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