December 23, 2020
Skanska sells 2+U for $704M to South Korean-led venture
Skanska USA’s fully leased 2+U business making, at 1201 Next Ave., has bought for $704 million. Skanska declared the sale Monday, right after King County recorded the transaction.

The new operator of history is HS 2U Operator LLC. Skanska retains a 5% stake in the undertaking the relaxation is now owned by linked South Korean companies Hana Substitute Asset Management and Hana Economic Team. Skanska values that latter stake at $669 million.

Community data reveal a $457.6 million personal loan to the new possession from JPMorgan Chase. Ahead of construction, which commenced in early 2017, Samis had granted Skanska a 99-12 months floor lease for the virtually whole block terms for that are unfamiliar.

Jason Flynn of Eastdil Secured represented Skanska in this week’s sale. The deal was well worth about $1,001 per sq. foot, which includes about 18,000 square feet of retail and industrial place. The total setting up has about 704,000 sq. ft, in addition underground parking.

Skanska suggests that Hines will now manage 2+U. The company also states the sale is the premier single-assets U.S. authentic estate transaction because the pandemic began. The new tower has fundamentally been empty because then.

Broderick Team and other folks had beforehand explained that Skanska put 2+U on the sector. Web-site The Genuine Deal described in November that Hana would be the buyer.

Skanska’s Murphy McCullough explained in a statement, “Skanska is happy to be partnering with Hana on 2+U. Hana is a very well-respected qualified business that has a prolonged historical past of proudly owning top tier Class A+ business office properties in global markets.”

Skanska crafted the tower, intended by Pickard Chilton, which began opening to tenants at the conclusion of final 12 months. The 19- and 38-story towers have about 683,000 sq. toes of workplaces. Tenants incorporate In truth.com, Areas and Dropbox. Qualtrics is the namesake tenant in the taller east tower, with about 275,000 sq. toes.

Nonetheless, Qualtrics is providing 100,000 square ft of that to sublease, suggests CBRE. That agency and Colliers are independently offering 11 floors of sublease place, with about 228,000 square feet — representing about a third of the building.

At its yearly Night time of the Stars, NAIOP lately named 2+U as business improvement of the 12 months. In its terraced reduced concentrations, with quite a few stairs, overlooks and public collecting spots, Caffe Ladro and Ethan Stowell’s Tavolata have generally crafted out their areas, which keep on being closed owing to the pandemic.

Skanska states that two new tenants have been signed: 1 Workplace’s The Store by Porter, which specializes in office environment interiors and layout and Valiant Barber & Provide. The latter may well open up this 12 months One particular Office aims to open subsequent summer. Anne Marie and Erika Koehler of NKF are Skanska’s leasing agents. Some of that house is continue to accessible, and Skanska will build it out as it can be leased.

Hana’s U.S. true estate investments include things like home loans and bond issues. It also directly owns workplace structures in New York, San Francisco, Denver and Washington, D.C.

Hana is also reportedly a companion with fellow South Korean organization Lotte Lodges in the hospitality part of F5 Tower, which was obtained past December for around $169 million (independent from the offices).
Brian Miller can be 
attained by email at brian.miller@djc.com or by mobile phone at (206) 219-6517.