SEATTLE, November 19, 2012 A real estate joint venture between MetLife and an institutional real estate investor advised by Clarion Partners has purchased 1201 Third Avenue, the iconic art deco-inspired skyscraper in downtown Seattle, from a partnership of affiliates of Wright Runstad & Company, Beacon Capital Partners, LLC and Shorenstein Properties LLC, the companies announced today.
The Class-A office property in Seattles central business district is the second tallest and one of the most recognizable office towers in the city. The 55-story building features 1.1 million square feet of rentable office space and 33,000 square feet of retail as well as six below-ground levels of parking. The November 2 sale represents one of the largest single office building sales of 2012 on the West Coast.
1201 Third Avenue is a Seattle treasure, and were proud to ensure its continued success through its new ownership team, said Greg Johnson, president of Wright Runstad & Company. The new ownership team shares our values and vision for a true trophy building that anchors Seattles downtown skyline.
Stephen P. Latimer, managing director and head of Clarion Partners Seattle office, said, The office market in Seattles central business district has demonstrated strong growth over the last several years, with demand for space focused on higher quality properties. We expect these trends to continue, and are pleased to have the opportunity to acquire what is clearly one of the citys premier buildings on behalf of our client.
Clarion Partners advises its institutional client with respect to a joint venture program with MetLife to acquire and manage a portfolio of similar, high-profile office buildings in major U.S. cities.
With a strong reputation and impressive list of tenants, 1201 Third Avenue is a well-regarded asset in Seattle and we are pleased to become one of the new owners of this great building, said Mark Wilsmann, managing director and head of equity strategies for MetLife Real Estate Investors. This Class A property fits very well with MetLifes strategy of buying and holding core commercial real estate in top-tier markets.
Originally developed by Wright Runstad & Company in 1988, 1201 Third Avenue is home to some of Seattles most prestigious companies. The building holds a LEED Platinum designation and was awarded the prestigious ULI Award for Excellence. The New York Times named 1201 Third Avenue as one of the nations three best new office buildings the year it opened.
1201 Third Avenue, a classically designed tower, has commanding views of Elliott Bay, Lake Union, and the Cascade and Olympic Mountains. The granite and emerald-green-glass building features a pedestrian plaza with three levels of shops and services, as well as a large public atrium overlooking the plaza, a fitness center, and an upscale restaurant. It is conveniently located close to public transportation, including both light rail and the ferry, and provides easy access to Interstate 5.
Wright Runstad & Company has been an owner of the property since its development together with a succession of partners culminating with an affiliate of Beacon Capital Partners, LLC and a limited partnership interest held by San Francisco-based Shorenstein Properties. Wright Runstad & Company, whose corporate offices are in the building, will continue to manage the property on behalf of the new owner after the sale. Eastdil Secured represented the selling partnership.
The Seattle-area economy remains vibrant, with employment having rebounded strongly in recent years, driven primarily by aerospace and software publishing. Leading companies with a major presence in the region include Amazon, Microsoft, Google, Zillow, Groupon, Salesforce.com, Facebook, Starbucks and Boeing.
Financial terms of the transaction were not disclosed.
Wright Runstad & CompanySeattle-based Wright Runstad & Company develops, acquires, manages and leases high-quality commercial office buildings located primarily in the Pacific Northwest. The company has a 40-year history as one of the regions premier real estate development and operating companies, delivering outstanding property performance and superior investment returns. Wright Runstad & Company maintains an exceptional reputation among tenants and institutional investors for its demonstrated commitment to integrity and high levels of quality and service. Wright Runstad & Company employs more than 70 outstanding people, each committed to the companys core values: integrity, quality and service. Wright Runstad & Company is privately held by the three active principals of the company.
MetLifeMetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its real estate investments department, MetLife oversees a well-diversified real estate portfolio of more than $60 billion, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages. MetLife invests in office, apartment, retail and industrial opportunities in major U.S. markets as well as outside of the U.S. MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets. For more information, visit www.metlife.com/realestate.
Clarion Partners LLCClarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in So Paulo, Brazil and London, England as well as a presence in Mexico. With more than $25 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional
Most recent headlines
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
30/08/2025
WASHINGTON The Federal Communications Commission has adopted its FY 2025 Regulatory Fees Order that establishes the regulatory fee rates for the broadcast stati...
29/08/2025
Australian Red Cross and SBS launch training to help workplaces in the fight aga...
29/08/2025
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
29/08/2025
L3Harris Technologies has concentrated decades of expertise across the entire enterprise to develop affordable and reliable best-of-breed solutions to rapidly c...
29/08/2025
BURBANK, Calif. The CW Network and the Pac-12 Conference have announced a new media rights deal that will extend their broadcast partnership beginning with the ...
29/08/2025
NEW YORK Gracenote has released a new analysis of its global video dataset showing that the number of FAST channels grew nearly 14% from Q1 2025 and 76% since 2...
29/08/2025
SAN JOSE, Calif. Harmonic has announced a series of improvements to its live sports streaming solution that the company said will improve fan engagement, protec...
29/08/2025
NEW YORK and LOS ANGELES Fox Corp. and YouTube TV last night announced a renewal of the full portfolio of Fox networks, including Fox News Channel, Fox Business...
29/08/2025
Budapest, Hungary, August 2025 - The integration of Microsoft Teams Rooms (MTR) with Lightware's Taurus universal matrix switchers delivers a new level of f...
29/08/2025
Frequency, the engine behind many of the world's best-known streaming television channels, today announced it will launch Studio Live, a next-generation uni...
29/08/2025
In an era when AI and cyber resilience are essential, Scality will mark the 10th anniversary of Scality Day on October 16, 2025 in Paris. This flagship global e...
29/08/2025
Disguise's In-House Creative and Technical Teams Pre-Visualised, Programmed and Delivered Content for the Experience, All Powered by EX 3+
Technology solu...
29/08/2025
Disguise will be demonstrating the latest workflows for TV, film and live events on a number of partner booths at the show
Disguise, the industry-leading tech...
29/08/2025
STOCKHOLM, Sweden Accedo will showcase Accedo Compose, its AI agent-powered modular orchestration layer that assists streaming providers in transitioning client...
29/08/2025
LOS ANGELES Cineverse has announced that it is working with Xperi to bring four of its streaming channels to automobiles for the first time as part of the DTS A...
29/08/2025
DALLAS & ATLANTA Gray Media has announced an agreement with the sports streaming service Victory+ to simulcast 17 Dallas Stars NHL games in 15 television market...
29/08/2025
NEW YORK AND CULVER CITY Comcast NBCUniversal and Amazon have announced new and extended distribution agreements that will expand the content available on their...
29/08/2025
FOOTHILL RANCH, Calif. RED Digital Cinema will feature its Cine-Broadcast Module supporting live broadcast workflows during IBC2025, Sept. 12-15, at the RAI Ams...
29/08/2025
29 Aug 2025
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and ...
29/08/2025
More than half of all NFL games live on Sky for the first timeFriday 29 August 2025
Sky Sports has announced a new three-year deal with the NFL, extending its ...
29/08/2025
Back to All News
RIV4LRIES: The Trailer of the New Series With Samuele Carrino ...
29/08/2025
Get ready for an inspiring and emotional insight into the world of competitive Irish dancing with My Story: Tomi Champion of the World airing on RT 2 this monda...
29/08/2025
RT has today announced that David McCullagh is to be the new presenter of RT Radio 1's flagship Today programme, which airs every weekday at 10am, replaci...
28/08/2025
By Kristin Feeley, Director, Documentary Film & Artist Programs
If you want to tell untold stories, if you want to give voice to the voiceless, you've got ...
28/08/2025
Directed by Steven Bognar and Julia Reichert, Sundance Institute-supported Amer...
28/08/2025
Corridos have been a cornerstone of M sica Mexicana for generations, telling stories rooted in everyday life. Now, a new chapter is taking shape: motivational c...
28/08/2025
Los corridos han sido un pilar de la M sica Mexicana durante generaciones, contando historias enraizadas en la vida cotidiana. Ahora, un nuevo cap tulo est tom...
28/08/2025
Earlier this month, we promised our Verano Forever party would bring the heat, a...
28/08/2025
L3Harris will provide the Polish F-16V fleet with the Viper Shield electronic warfare system as part of an upgrade program....
28/08/2025
Bilbao, August 26, 2025 - AgileTV, an international television and video technol...
28/08/2025
Ken Wilkinson is an Emmy Awards nominated New York audio engineer who specialises in production sound mixing for film, commercial, episodic and documentary work...
28/08/2025
NEW YORK FuboTV today announced that it will launch Fubo Sports, a skinny bundle that focuses on sports with a subscription price of $56 monthly....
28/08/2025
NEVADA City, Calif. At IBC2025, Sept. 12-15 at the RAI Amsterdam, Telestream will debut its new Global Ingest strategy, introducing a next-generation ingest arc...
28/08/2025
Dr. Rhoda Bernard Releases Groundbreaking Debut Book on Accessible Arts Educatio...
28/08/2025
TAG Video Systems, the leader in software-based IP end-to-end workflow monitoring, deep probing, and real-time visualization, has named Oliver Gappa as Sales Di...
28/08/2025
AI-based voice enhancement will be among a series of innovations making their IBC 2025 debut on the DHD stand B46 in Hall 8 at the RAI Amsterdam Convention Cent...
28/08/2025
Telef nica Servicios Audiovisuales (TSA), the leading system integrator and service provider in the media sector in Spain, with the support of Appear, the globa...
28/08/2025
To fully immerse sailing fans in the world's biggest offshore yacht race, production company, Optical Media turned to LiveU's On-site Production solutio...
28/08/2025
Working with Calrec on its most recent overhaul, radio and television broadcaster, WNED has migrated to a fully IP infrastructure with multiple Type R consoles,...
28/08/2025
Cleeng, the Subscriber Retention Management (SRM ) inventor, has unveiled Cleeng Pro, the first-ever direct-to-consumer (D2C) subscription management platform t...
28/08/2025
Zixi, the industry leader in live broadcast-quality video over IP, today announced that French media distribution platform OKAST has selected Zixi to enable rel...
28/08/2025
Solution offers a streamlined, speaker-free architecture to optimize integration with premium external loudspeakers and advanced loudness metering
Nixer Pro Au...
28/08/2025
Cinegy, the premier provider of software-defined television technology, has announced a strategic partnership with Vision One Touch Film Production Services L.L...
28/08/2025
Telestream, a global leader in media workflow technologies, will debut its new Global Ingest strategy at IBC2025, introducing a next-generation ingest architect...
28/08/2025
Tier 1 operator selects Broadpeak to power high-performance, unified CDN solution across Norway, Sweden and Finland
Broadpeak, a leader in streaming and moneti...
28/08/2025
Leading video software provider, Synamedia, today announced that 24 Frames Digital, one of India's leading live event streaming service providers, has chose...
28/08/2025
Meet VisualOn at IBC2025: See What's Next in AI-Powered Video Streaming Join VisualOn at IBC2025 and discover how our AI-driven Optimizer and advanced media...
SEATTLE, November 19, 2012 A real estate joint venture between MetLife and an institutional real estate investor advised by Clarion Partners has purchased 1201 Third Avenue, the iconic art deco-inspired skyscraper in downtown Seattle, from a partnership of affiliates of Wright Runstad & Company, Beacon Capital Partners, LLC and Shorenstein Properties LLC, the companies announced today.
