Shorenstein Properties acquires 2601 Elliott in downtown Seattle

SAN FRANCISCO, July 28, 2021 / PRNewswire / – Shorenstein Properties, LLC (“Shorenstein”), owner and operator of high quality office, residential and mixed-use properties in the United States, today announced the acquisition of 2601 Elliott, a six story building, 345,000 square foot Class A office building located in the Seattle Waterfront neighborhood which is 90% leased to Zulily, LLC. Terms of the transaction were not disclosed.

Located in the city center Seattle with breathtaking views of Elliott Bay and the Olympic Mountains, 2601 Elliott is a unique building with historic charm and features that set it apart from most high rise buildings, including large 60,000 foot floor plates square and 15 foot high ceilings. The property is within walking distance of many amenities including the Pike Place Market, the Olympic Sculpture Park and several restaurants, hotels and shops. The Seattle Waterfront, known as a vibrant emerging hub for high-tech and biotech companies, is currently undergoing a multibillion-dollar transformation, following the removal of the Alaskan Way Viaduct that will energize the front. seafront with a pedestrian promenade and will create an exciting amenity for Seattle.

“The physical attributes of the property – including mid-rise construction, the ability to create outdoor amenity spaces, and an above-market parking ratio – as well as its location with waterfront access, parks and gardens. and desirable residential areas, make it well positioned for post-pandemic users, ”said Colby wick, Managing Director of Shorenstein. “We look forward to repositioning the property and accentuating its strengths to deliver an experience businesses seek when they return to the office.”

2601 Elliott was built between 1917 and 1925 as a warehouse and manufacturing plant for the American Can Corporation, and in 1976 the building was remodeled and converted into a clothing store. An extensive renovation in 1998 converted the building into Class A office space.

About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a privately held real estate company that owns and operates high quality office, residential and mixed-use buildings across the United States, with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $ 8.8 billion, of which Shorenstein committed $ 723.5 million. The company uses its integrated investment and operating capabilities to take advantage of the opportunities which, at a particular point in the investment cycle, offer the most attractive returns. Investments have included basic developments, repositioning of assets and stabilized assets; the investment structures have included asset acquisitions, mezzanine loans, preferred stock investments and structured joint ventures. More information is available at www.shorenstein.com.

Contacts

Shorenstein
Jon Keehner / Jed repko / Julie hamilton / Jack kelleher
Joële frank, Wilkinson Brimmer Katcher
212.355.4449 / 415.869.3950

SOURCE Shorenstein Properties LLC