September 18, 2019— JLL announced today that it has closed the $113 million sale of the historic Medical Dental Building, an approximately 300,000-square-foot, office/medical building located in the dynamic Seattle central business district.
The 18-story landmark building was constructed in two phases in 1925 and 1950, renovated in 2008 and recently received over $25 million in building upgrades, including new lobby finishes and the creation of a Winter garden common area. The property includes a diverse roster of over 130 professional tenants, primarily private medical and dental practices and office space. Bartell Drug Co., the country’s largest and oldest family owned pharmacy headquartered in Seattle, anchors the Medical Dental Building with a 12,606-ground floor retail store. Additional major tenants include Deltek, Inc. and The Polyclinic. The property is located within Seattle’s key retail corridor, adjacent to Nordstrom’s flagship store and a five-minute walk from Amazon’s world headquarters campus.
“The Medical Dental Building is a perfect legacy asset for us and yet another stepping stone for the next generation of Menashe Properties,” said Jordan Menashe, CEO. “The iconic Medical Dental Building is in an A+ location in the heart of booming Downtown Seattle with South Lake Union only steps away. Our focus will be on providing a personal experience defined by quick decision making and a willingness to make deals with open arms with tenants of any size. We truly appreciate Kevin Freels and Logan Greer of JLL for presenting this unique off-market opportunity to us and recognize our acquisition as a value-add play in a high demand area with little vacancy.”
The JLL Capital Markets team representing the seller was led by Directors Kevin Freels and Logan Greer, and Senior Managing Directors Michael Leggett and Gerry Rohm.
“Seattle is the third tightest office market in the country; rents continue to increase due to the limited supply of space combined with the immense influx of technology tenants,” Freels added. “The Medical Dental Building serves a unique purpose for our Downtown market and provides convenient access to health care for the many downtown employees.”
Menashe Properties is excited to work hand in hand with the Broderick Group – Seattle Office as its exclusive brokerage team for the Medical Dental Building. The Property leasing team is represented by Damon McCartney, Maverick Olivares and Ryan Nelson. www.broderickgroup.com