$113M sale of Medical Dental Building in Seattle completed by JLL
Historic office/medical office tower in prime location of central business district
SEATTLE, September 18, 2019 – JLL announced today that it has closed the $113 million sale of the historic Medical Dental Building, an approximately 300,000-square-foot, office/medical building located in the dynamic Seattle central business district.
JLL marketed the property on behalf of the seller, Goodman Real Estate, Inc., and procured the buyer, Menashe Properties, Inc.
The 18-story landmark building was constructed in two phases in 1925 and 1950, renovated in 2008 and recently received over $25 million in building upgrades, including new lobby finishes and the creation of a Winter garden common area. The property includes a diverse roster of over 130 professional tenants, primarily private medical and dental practices and office space. Bartell Drug Co., the country’s largest and oldest family owned pharmacy headquartered in Seattle, anchors the Medical Dental Building with a 12,606-ground floor retail store. Additional major tenants include Deltek, Inc. and The Polyclinic. The property is located within Seattle’s key retail corridor, adjacent to Nordstrom’s flagship store and a five-minute walk from Amazon’s world headquarters campus.
“The Medical Dental Building is a perfect legacy asset for us and yet another stepping stone for the next generation of Menashe Properties,” said Jordan Menashe, CEO. “The iconic Medical Dental Building is in an A+ location in the heart of booming Downtown Seattle with South Lake Union only steps away. Our focus will be on providing a personal experience defined by quick decision making and a willingness to make deals with open arms with tenants of any size. We truly appreciate Kevin Freels and Logan Greer of JLL for presenting this unique off-market opportunity to us and recognize our acquisition as a value-add play in a high demand area with little vacancy.”
The JLL Capital Markets team representing the seller was led by Directors Kevin Freels and Logan Greer, and Senior Managing Directors Michael Leggett and Gerry Rohm.
“Seattle is the third tightest office market in the country; rents continue to increase due to the limited supply of space combined with the immense influx of technology tenants,” Freels added. “The Medical Dental Building serves a unique purpose for our Downtown market and provides convenient access to health care for the many downtown employees.”
Menashe Properties is excited to work hand in hand with the Broderick Group – Seattle Office as its exclusive brokerage team for the Medical Dental Building. The Property leasing team is represented by Damon McCartney, Maverick Olivares and Ryan Nelson. www.broderickgroup.com
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
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
About Goodman Real Estate, Inc.
Founded in 1980 by John Goodman, Goodman Real Estate, Inc. (GRE) is a leading privately held real estate investment company specializing in multifamily and commercial real estate. Headquartered in Seattle, Washington, GRE maintains a diversified portfolio of quality commercial property investments across the United States and Canada. With its managed assets valued more than $2.5 billion, this portfolio spans the spectrum of risk-adjusted investments: multi-family construction; hotels and resorts; office and retail buildings; land development and structured investments. GRE is a company with deep roots in the Pacific Northwest with values reflected through local charitable giving and commitment to local issues. For more information, visit goodmanre.com.
About Menashe Properties, Inc.
Menashe Properties, Inc. was founded over forty years ago and is a privately held family office committed to excellence in commercial real estate investment and management. The company’s primary focus has been in the Pacific Northwest although the company has grown substantially over the last few years with acquisitions of quality office properties in Colorado and Washington. Menashe Properties, Inc. prides itself on its attention to detail in professionally maintaining and improving its properties, sustaining close tenant relationships and providing exceptional customer service. The company is well positioned for continued growth in the office, industrial or retail sectors. For more information on Menashe Properties, Inc., visit menasheproperties.com or contact Jordan Menashe.