Blackstone‘s EQ Office, the U.S. office portfolio operating company, has acquired two office buildings in Seattle, U.S. Bank Centre and 999 Third Avenue, for reportedly $1.2 billion. This acquisitons increase EQ’s investment to 3.1 million rentable square feet of the Class A office market in Seattle.
“Seattle’s high quality of life is economically approachable to the young talent that growing companies seek to attract. Combine the lower cost of living relative to other tech markets with access to top academic institutions such as the University of Washington, and you have a recipe for sustained growth.Not to mention, I’ve lived here for over 20 years and love the energy of the upper left,” said Lisa Picard, EQ President and CEO.
Located in the Central Business District, both buildings are Class A office assets which are currently occupied by tenants such as U.S. Bank, DocuSign and Wells Fargo.
EQ currently manages two properties in Seattle, The Exchange and 800 Fifth Avenue. With this latest acquisition, the company’s presence in the city has doubled.