Newmark completes sale of $ 80 million land under Residence Inn by Marriott in Seattle’s South Lake Union neighborhood

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September 20, 2021 9:00 AM

Newmark Knight Frank (“Newmark”) announces that it has completed the sale of the land located under the Residence Inn by Marriott in the South Lake Union neighborhood of Seattle for a total amount of $ 80 million.

Vice President Victor Frandsen, Executive Managing Director Alan Polacsek and Director Manuel Breidenbach of Newmark’s Global Corporate Services division have managed Newmark’s brokerage relationship with Lumen Technologies on real estate transactions around the world for over 20 years. The team engaged with Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Director Ken White, in cooperation with Executive Managing Director Tim O’Keefe, to arrange the sale on behalf of the seller, Qwest Corporation, an operating company owned by Lumen Technologies. .

“Using Newmark’s collective resources, we were able to monetize the value of land that was on a long-term lease to successfully achieve Lumen’s goals, despite the setbacks of COVID-19,” Frandsen said.

Shannon added, “South Lake Union remains by far Seattle’s smallest submarket for life sciences and office products, despite the pandemic. Although alternative uses were explored for these improvements at the height of the pandemic, the sharp upturn in the hospitality industry motivated the buyer to buy this land.

The buyer purchased the hotel itself, located at 800 Fairview Ave. N., in 2006 and entered into a contract to acquire the land under the hotel in the second quarter of 2021.

The property is centrally located in South Lake Union and close to major employers including Amazon and Facebook. There are several restaurants – Portage Bay Cafe, I Love Sushi on Lake Union, Duke’s Seafood, and LOCAL Public Eatery – within walking distance of the property.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Our full range of services and products are uniquely tailored to each client, from owners to occupants, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues of over $ 1.9 billion. Newmark, together with its London partner Knight Frank and independent licensees, operates worldwide from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.

Discussion of forward-looking statements regarding Newmark
Statements contained in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements regarding the effects of the COVID-19 pandemic on the business, results, financial condition, liquidity and prospects of the Company, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, perhaps materially, from what is currently expected. Except as required by law, Newmark assumes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see Newmark’s Securities and Exchange Commission documents, including, but not limited to, the risk factors and the special note on Forward-looking information set out in these documents and any updates to these risk factors and the special note on forward-looking information contained in subsequent reports on Form 10-K, Form 10- Q or Form 8-K.

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