Seattle Times / November 4th, 2015
Seattle Times reports: The historic Dexter Horton Building in Seattle is under contract to be sold to Pacific Eagle, the San Francisco subsidiary of Hong Kong-based Great Eagle Holdings.
There has been a significant rise in volume in the Seattle office market in 2015. According to commercial real estate data and analytics firm Real Capital Analytics (RCA), about $4.48 billion has been invested in the Seattle office market in the first three quarters this year, almost quadrupling volume from the same period in 2014 when volume was $1.14 billion.
Local firms – headquartered in Washington and northern California – are the top buyer group thus far this year in volume. Hong Kong-based investors are the second most active group in terms of dollar volume, surpassing volume invested from New York, Los Angeles, and Houston-based investors. Gaw Capital, a Hong-Kong based investor, has been the biggest investor in terms of volume thus far this year, purchasing Columbia Center for $711 million in August and the Seattle Tower for $49.5 million last month.
Experts say the rise of cross-border capital from Hong Kong and China into the U.S. real estate market are part of a global trend, but also reflects their concerns about stability domestically. They are attracted to the political and currency stability in the U.S.– “there’s change, but not wild change that could create a loss in value in assets,” said Jeanette Rice, head of investment research in the Americas for CBRE.
View the full article in The Seattle Times: Hong Kong Company Set to Buy Dexter Horton Building