CH& Client Closes on the Most Expensive Puget Sound Real Estate Transaction in 2019
Cairncross & Hempelmann represented New York-based private equity firm KKR & Co. in one of two significant Puget Sound investments, the acquisition of the 3.5-acre, three-building Summit Campus in Bellevue.
The Summit acquisition, valued at $756 million, is the most expensive Puget Sound real estate transaction in 2019. KKR’s other acquisition, the purchase of the mixed-use F5 Tower in Seattle, is valued at approximately $458 million.
This combined $1.2 billion investment marks KKR’s entry into the hot Puget Sound real estate market.
“We are excited to be making these two real estate investments in the Puget Sound Region, a market we believe has attractive long-term growth driven by a highly educated employee base, attractive cost of living relative to other top tier markets in the U.S. and high-quality of life,” said Justin Pattner, KKR’s Head of Real Estate Equity in the Americas.
John Hempelmann led the Cairncross & Hempelmann team – including Ryan White, Nicole De Leon and Max Burke – which represented KKR as local counsel for real estate and land use due diligence in the record-setting sale of the Summit property. CH& also represents Urban Renaissance Group, a Seattle-based commercial real estate company, that will manage both properties. Read more here.