JLL closes $216.1M sale of Met Tower in Seattle
Trophy high-rise in Seattle’s South Lake Union acquired by Continental Properties
SEATTLE, October 2, 2019 – JLL announced today that it has closed the $216.1 million sale of Met Tower, a trophy 366-unit, high-rise multi-housing building located in the heart of Seattle’s vibrant South Lake Union neighborhood.
JLL marketed the property exclusively on behalf of the seller and procured the buyer, Continental Properties. The property was sold free and clear of existing financing. Continental Properties was the original developer of the property in 2001.
Met Tower is located at 1942 Westlake Avenue in the epicenter of Seattle’s burgeoning technology industry in the South Lake Union and nearby Belltown neighborhoods. With a Walk Score® of 99, the property not only provides walking-distance access to top employers but also more than four million square feet of retail and attractions within a half mile, including Washington State Convention Center, Pike Place Market, the Seattle Waterfront, Seattle Center, Westlake Center and Denny Park. The transit-oriented property also offers immediate access to the SLU Streetcar across 7th Avenue and is a short walk to the Westlake Station Transit Center, which provides connectivity throughout Puget Sound via Link Light Rail. Met Tower includes a variety of studio, one- and two-bedroom floor plans averaging 895 square feet as well as more than 10,000 square feet of ground-floor retail. Amenities include a lobby with lounge space, an indoor pool and spa, community terrace, demonstration kitchen, billiards table and library.
The JLL Capital Markets team representing the seller was included Senior Managing Director Ira Virden, Senior Director Christopher Ross and Executive Managing Director Matthew Lawton.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
Based in Bellevue, Washington, Continental Properties LLC is a residential development company committed to building and owning high-quality multi-family properties. Continental and its predecessors, Continental-Bentall LLC and Continental Pacific Inc., have been in the development business since 1977, setting the standard for quality apartment and condominium communities while building over 4,000 multi-family units in the Northwest. continentalseattle.com