June 2, 2015— A group of Asian investors led by Hong Kong-based Gaw Capital has agreed to buy Seattle’s Columbia Center, a trade publication called Real Estate Alert is reporting. The purchase price for the 76-story tower is $725 million, according to the publication, which over the years has not missed on who’s buying what in the Puget Sound region.
According to its website, Gaw Capital Partners is a private equity fund management company. A representative in Gaw’s Los Angeles office declined to comment Tuesday. The tower’s current owner, Beacon Capital Partners of Boston, also declined to comment.
That this group is reportedly buying the Puget Sound region’s tallest office building puts an exclamation point on the increasing interest Asian investors have shown in the Puget Sound region. Buyers, many of whom are from China, have been scooping up houses and commercial real estate. Chinese investment in Puget Sound area commercial property more than doubled to $62.8 million from 2013 to2014, according to Real Capital Analytics. Beacon bought the 1.5-million-square-foot Columbia Center at the height of the market in 2007 for $621 million. Not long after the economy tanked, and the building’s occupancy rate plunged to 60 percent.[button href=”http://www.bizjournals.com/seattle/blog/2015/06/hong-kong-group-reportedly-buys-columbia-center.html?ana=e_sea_bn_breakingnews&u=rmOEqYqxdY3FjYwiBb+VH4MSTBP&t=1433350791″ style=”emboss” size=”small” color=”#dd9933″ target=”_blank”]READ MORE[/button] [button href=”http://www.bizjournals.com/seattle/blog/2015/06/hong-kong-group-reportedly-buys-columbia-center.html?ana=e_sea_bn_breakingnews&u=rmOEqYqxdY3FjYwiBb+VH4MSTBP&t=1433350791″ style=”emboss” size=”medium” color=”#1e73be” hovercolor=”#dd9933″ target=”_blank” icon=”external-link”]Source: Puget Sound Business Journal[/button]