Deka Immobilien Scoops up Seattle Google Campus from Vulcan
Posted on 02/25/2022
Deka Immobilien acquired the Google campus “Lakefront Blocks 25 & 31” in the South Lake Union neighborhood of Seattle for US$ 802,000,000 from Seattle-based Vulcan Real Estate, the investment vehicle of the late Paul Allen (Co-Founder of Microsoft Corporation). The buildings were completed in 2019. As part of a joint venture, Block 25 will be transferred into the open-ended real estate funds Deka-ImmobilienGlobal (60%) and Deka-ImmobilienMetropolen (40%). Block 31 will be allocated in full to the Deka-ImmobilienGlobal portfolio. The property was offered for sale in September 2021 with each block marketed independently.
Lakefront Blocks 25 & 31” consist of two structurally separate buildings. Block 25 has over 30,000 square meters of leasable space plus 345 parking spaces and is occupied almost entirely by Google LLC on a long-term lease.
With this transaction, Deka Immobilien is further diversifying the existing U.S. portfolio of the Deka-ImmobilienGlobal and Deka-ImmobilienMetropolen funds and adding a contemporary investment that also delivers in terms of sustainable energy and stable cash flows.
DekaBank is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). Together with its subsidiaries it forms Deka Group.
Dublin and Madrid
On February 21, 2022, Deka Immobilien made its first investments on behalf of its new special fund Domus Megatrends Europa. Deka Immobilien acquired two high-end office buildings in Dublin and Madrid for a total of more than 100 million euros. BNP Real Estate Investment Managers divested the property in Dublin. British investment company Blue Coast Capital divested the office building in Madrid. The property, 8 Hanover Quay in Dublin, was built in 1920 and renovated to new-build quality in 2016. The leasable space of around 3,750 m² is used in full and over the long term by Airbnb Ireland. The property is located at Grand Canal Dock in Dublin’s South Docks sub-segment. The Ancora 40 office building in Madrid, built in 1990, was core renovated in 2021 and is characterized by high space efficiency. It comprises more than 7,000 square meters of leasable space and 57 parking spaces. The four interconnected building sections are fully leased to Just Eat Takeaway, Europe’s largest online provider of food delivery services. Ancora 40 is located in the established Méndez Álvaro sub-segment.
Keywords: Vulcan LLC. Vulcan Inc. (Vulcan Capital).
