CalPERS to sell Seattle office asset for $387m

CommonWealth Partners, on behalf of the $285 billion California Public Employees' Retirement System, is in contract to sell Safeco Plaza in Seattle for a rumored sales price of $387 million. A buyer was not identified; however, Real Capital Analytics lists a private investor based in South Korea as the new owner. An official announcement has not been released.

Safeco Plaza, previously 1001 Fourth Avenue Plaza, and the Seattle-First National Bank Building, is a 50-story skyscraper in downtown Seattle. Safeco Insurance Company of America leased the building in May 2006, and it currently serves as the insurance company’s headquarters.

CalPERS’ National Office Partners bought Safeco Plaza in April 2005 for $162.8 million. In 2011, CalPERS transferred management ofits National Office Partners real estate portfolio from Hines to CommonWealth Partners. The $998 million portfolio consisted of approximately 5.2 million square feet of class A office prop