Walton Street parts with $115.8M for Park Place - Puget Sound Business Journal (Seattle):

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The $115.8 million price paid by LLC makesx the Park Place office building trade oneof Seattle'd priciest transactions, just like Park Place in the board Built in 1972 and renovated in the 21-story, 310,633-square-foot offic e building is located at 1200 Sixth Ave. According to , abouty 68,000 square feet in the officwe building is available for implying a 78 percentoccupancy rate. Waltomn acquired the Park Place building last yearfor $82 million, or $264 a squar e foot, as part of its $345 million purchaser of an office portfolio from Seattle'sw . Walton still owns the three officde buildings in the Metropolitan Park complex nearInterstate 5.
Buyert Transwestern is also providing the financial backingg forThe Landing, a $390 million mixed-user project in Renton that Dallas-based Harvest Partners is constructinbg on former Boeing property. The privatelyt held Chicago real estate investment and services firm hasapproximatelh $9.8 billion invested in more than 400 properties on behalr of U.S. and Asian investors. Transwesternn has been active in the Puget Sound area inrecent years, purchasing the 24-story Skyline Tower, in Bellevue, in 2004 and selling it last The firm also provided mezzanines financing for Kent's CenterPoint Corporatew Park.
The weak dollart is helping spark Asian investorw interest in Puget Soundarea properties. The Park Placwe sale caps a string of recent transactions by Walton In June, the Chicago real estate investmeng firm paid $254 million to buy six industrial properties in Woodinville, Tukwilaa and Kent from CalWest Industrialo Holdings LLC. The purchases were part of a largerr $2.8 billion industrial portfolio sale that included 95 propertiew along the West Coast and in Phoenix and In April, Walton paid $47 million for Smit h Tower and the adjacent Florence Building. The firm tends to be a short-tern holder of properties, as evidenced by its recent salese of two other Seattleoffice properties.
Waltonb bought the historic 22-story Exchange Building, at Second Avenue and Marionn Street, for $25.5 million in March 1998 and sold it in Februarhy 2005to Texas-based Crescent Real Estate Equities for $52.4 million. Within months of its purchasr of the Exchange Building in the fund bought the Union Bank ofCaliforniaq Center, at Fourth Avenue and Madison out of a bankruptcy proceeding for $62.5 In mid-2004, Walton sold the 41-story skyscraper for $100.7 million to a partnershi that paired Boston-based Beacon Capital Partnersx Inc. LLC with developer Greg Smith of Seattle-bases .