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Vulcan Closes Sale of Alley24 Office to MetLife For $129M

As part of a move to "rebalance our portfolio and to harvest some profits," Vulcan Real Estate put a slew of South Lake Union projects on the market in August 2014, including Alley24, a 362,000 square-foot complex with residents and office buildings. The residential building was sold to Greystar for $58.2 million this time last year and now MetLife has purchased the office building for $129.4M. MetLife gets an LEED Silver structure with 190,000 square feet of office and 25,000 square feet of ground floor retail space. The six-story building is currently 85 percent leased with tenants that include building architect and anchor tenant NBBJ as well as Skanska, Cyanogen and Cole & Weber.
· Want a Seattle Apartment Complex? Vulcan is Selling Six Of 'Em [CS]
· Vulcan sells another apartment complex, this one for $58M [PSBJ]