Los Angeles-based real estate investment trust Hudson Pacific Properties (HPP) recently announced its acquisition of the leasehold at 2301 5th Ave. in Belltown. The company reportedly paid $119 million — or $602 per square foot (before closing costs and prorations) — for the ground lease, which has a remaining term of 50 years.
Known as 5th and Bell, the property incorporates 192,000 square feet of LEED Gold-certified Seattle office space, all of which is leased to Amazon.
Located in Seattle’s Belltown neighborhood at the intersection of South Lake Union and the Denny Triangle submarket, the six-story property features a modern lobby and large floorplates; an expansive outdoor deck; an end-of-trip facility with showers, lockers and bike storage; retail; and 197 parking spaces.
This purchase brings HPP’s Greater Seattle portfolio to nearly 3 million square feet. Notably, 2 million of that total is in the Denny Triangle submarket, where the REIT also owns the 1918 Eighth, Hill7, and Met Park North properties, as well as the upcoming, state-of-the-art Washington 1000 development.
“With the purchase of 5th & Bell and 1918 Eighth, we have nearly doubled our portfolio of premier-quality, long-term, credit-tenant anchored office assets in the dynamic Denny Triangle submarket — and we have done so through transactions that are immediately accretive to the company,” said Chairman and CEO of Hudson Pacific, Victor Coleman. “Our portfolio uniquely positions us to preserve and create value for our shareholders in Seattle, which remains one of the strongest office markets in the country.”
Hudson Pacific Properties’ portfolio totals more than 20 million square feet, including office and studio properties, as well as land for development. With a strategy focused on global epicenters of innovation, media and technology, the company’s anchor tenants include Fortune 500 companies, including Google, Netflix, Riot Games, Square and Uber.