Intercontinental Real Estate Enters Seattle With $157M Acquisition
The company is the new owner of a two-building office campus in the metro’s U District.
Roosevelt Commons. Image courtesy of Intercontinental Real Estate Corp.
On behalf of one of its managed funds, Intercontinental Real Estate Corp. has purchased Roosevelt Commons, a 229,299-square-foot office complex in Seattle. According to Yardi Matrix data, RREEF Property Trust sold the Class A portfolio in the metro’s U District for $157 million. The deal marked the buyer’s first commercial real estate acquisition in Seattle.
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Located at 4300 Roosevelt Way NE and 4311 11th Ave. NE, Roosevelt Commons is within walking distance of the new Link U-District light rail station. At the time of the sale, both buildings were fully leased. Per Yardi Matrix, WeWork and the University of Washington are among the tenants of the complex. One of the buildings has five stories, while the other mid-rise structure has six. The parking lot can accommodate up to 432 cars.
With this acquisition, Intercontinental’s portfolio in the Pacific Northwest has increased to approximately 300,000 square feet of commercial office space. Furthermore, the company owns more than 2,000 multifamily units in the same region.
Jeffrey Weber and Jason Flynn from Eastdil Secured’s San Francisco office acted on behalf of both parties in this transaction. Earlier this year, Flynn was also involved in the disposition of an 11-property office portfolio in Seattle and Denver.
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