HFF Closes Sale of Troy Block in Seattle’s South Lake Union Submarket

Mar 26, 2019 07:50 pm

Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of Troy Block, two newly-constructed Class A+ office towers fully leased to a Fortune 50 technology tenant.

HFF marketed the property on behalf of the seller, a partnership between USAA Real Estate and Touchstone. The buyer was a private high net worth family office. This transaction represents the largest single asset trade by volume in Seattle history.

Troy Block is located at 300 Boren Avenue North in the South Lake Union submarket of Seattle, which is home to some of the fastest growing industries, including technology, media, software, global health and biomedical research. Completed in 2016 and 2017, the two LEED Gold-certified towers offer the highest quality improvements and latest building technology with multiple tenant amenities.

The HFF investment advisory team representing the seller included executive managing directors Mark Gibson, Stephen Conley, and Manny De Zarraga, senior managing directors Michael Leggett, Gerry Rohm and Coleman Benedict and directors Kevin Freels and Logan Greer.

About USAA Real Estate

USAA Real Estate provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. Its portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit usrealco.com.

About Touchstone

Touchstone is a privately-owned, Seattle-based real estate developer. In the last decade, Touchstone has broken ground on 12 projects comprising nearly three million square feet. It is currently developing two million square feet of real estate in the greater Seattle area. Touchstone is a subsidiary of Urban Renaissance Group, LLC, a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. In 2016, Touchstone was selected by NAIOP as its National Developer of the Year. Visit touchstonenw.com for more information.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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