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February 11, 2016

Vulcan sells Alley24 for $130M

By JOURNAL STAFF

Photo by Lara Swimmer [enlarge]

Vulcan Real Estate announced yesterday the sale of its Alley24 office building to MetLife for $129.4 million.

The 215,000-square-foot property consists of the east half of a full-block mixed-use development that includes office, residential and retail space.

The site is at 223 Yale Ave. N. in South Lake Union.

The residential portion was sold to Greystar in 2015 for $58.2 million.

Vulcan says it plans to invest funds from the sale into other developments, as well as new land and “value-add investment opportunities” around the region.

Alley24 was completed in 2006. The six-story office building has LEED silver certification, with operable windows, a hybrid HVAC system, and cyclist-friendly features such as bike storage and shower facilities.

The building is 85 percent leased. Office tenants include NBBJ, Skanska, Cyanogen and Cole & Weber.

HFF handled the sale for Vulcan.

Alley24 was developed in partnership with Pemco.




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