Union Investment Real Estate is expanding its Seattle holdings with the purchase of an office tower occupied by e-commerce giant Amazon, the investor said last week.
Hamburg-based Union bought the 21-story office building for $330 million from a joint venture comprising private investor Trammell Crow Companies and insurer MetLife Real Estate Investors, according to data provider Real Capital Analytics.
Amazon leased the newly-constructed Midtown 21 building in November. Its amenities include underground parking, bicycle storage and a fitness facility.
“Going forward, the quality of the location will continue to improve, for example through the expansion of the Washington State Convention Center and significant investment in local infrastructure with the extension of the urban rail system,” Willis Kim, Union’s head of US west coast and Canada, said in last week’s statement.
Union is buying the asset, located at 1007 Stewart Street, on behalf of its open-ended fund, Unilmmo: Europa, which it invests in Europe and overseas. With capital from the vehicle, the firm earlier purchased two other Seattle office buildings, including one occupied by Amazon, and closed on the Hilton Garden Inn Hotel in March for $89 million, according to RCA.
Unilmmo: Europa was launched in 1985 and has €12 billion in committed capital, according to the firm’s website, netting a 2.4 percent return in the year ended March 31. About 37 percent of the vehicle’s capital is invested outside of Europe.
Union manages €31.8 billion in assets, according to its website.
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