July 31, 2024

Gemdale sells new Skyglass highrise for over $173M

Photo by Lara Swimmer [enlarge]

Gemdale USA's 338-unit Skyglass apartment tower received its certificate of occupancy from the city in January.

The 338-unit Skyglass apartments, at 222 Dexter Ave. N., opened to renters in January. Gemdale USA was the developer. Now, via an LLC, it has sold the new building for nearly $173.8 million, with a personal property deduction of $1.8 million.

King County recorded the deal right before deadline on Tuesday; not all details could be obtained.

Buyer of record Skyglass Apartments Owner LLC is related to Goldman Sachs. Public records indicate the assumption of a prior $113 million loan from AIG Asset Management.

Gemdale acquired the corner, at Thomas Street, in 2019 for about $25.6 million. Hewitt designed the 31-story tower, which was built by Venture General Contracting. Work began in the summer of 2021.

(Update: Cushman & Wakefield’s Marc Renard, Sam Wayne, and Dave Karson represented Gemdale.) The deal was worth about $752 per square foot, which includes the retail. Skyglass now seems to have changed addresses to 757 Thomas St. Its occupancy rate is unknown.

The Skyglass team also included KPFF, shoring and structural engineer; Navix, civil engineer; GeoEngineers, geotechnical; Rushing, energy; BBA Surveying; PAE Hermanson, mechanical and plumbing; Rushing and Nelson, electrical; RDH, envelope; and Weber Thompson, interiors; and AIG, which provided a $113 million construction loan. Hewitt is also the landscape architect. Greystar manages the building.
 

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