Germany-Based DWS Buys First And Stewart Building For $52.9M
In another sign that Seattle is attracting foreign investors, the German company DWS Group has purchased the First and Stewart building for $52.9M, according to public records.
The building, which includes Puget Sound views, is located near Pike Place market and the future waterfront park. It was the original site for Silicon Valley tech immigrants Facebook, Snapchat and DOXO. It sold Oct. 31.
The 93K SF, 12-story development was constructed in 1986 and has a tax appraisal value of $40.8M, according to public records. L&B Realty Advisors purchased the building in 2011 for $30.3M.
NKF’s Kevin Shannon, Michael Moll, James Childress, Jesse Ottele and Tim O’Keefe represented L&B.
Though Seattle has yet to break into the country’s top 10 biggest cities, the growing number of A-list tech giants flocking to the city make it tempting for foreign investors. Last year, citizenM Managing Director Ernest Lee told Bisnow that Seattle should expect long-term growth due to its emerging status as a gateway city.
