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October 1, 2015

1101 Westlake sold for $151.5 M

Image courtesy of Holland Partner Group/NASH LLC [enlarge]

An entity related to Invesco Real Estate has purchased 1101 Westlake, a six-story office building that is under construction in South Lake Union, for $151.5 million, property records show.

An entity related to Holland Partner Group is developing the 150,000-square-foot project and sold it to Invesco.

The building is set to open in December, according to a countdown on the project's website.

MG2 is the architect for 1101 Westlake and Holland is building it.

1101 Westlake is part of Holland's 5.5-acre Westlake Steps project, which includes more than 700 apartments and the Casey Family Programs building that will be Pemco Insurance's new headquarters once a renovation is completed.

Holland paid $79.5 million in 2013 for the much of the land bounded by Dexter, Westlake, Galer and Aloha for Westlake Steps.

Holland's partner in Westlake Steps is North America Sekisui House, the U.S. subsidiary of Japanese homebuilder and developer Sekisui House.

In the last few years, Invesco has spent approximately $530 million on Seattle-area apartments, including The Bravern Signature Residences in Bellevue and Vulcan Real Estate's The Martin in Seattle.

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