Frandsen, Harrington, and Polacsek of Newmark Knight Frank Global Corporate Services broker $137 million sale

A Newmark Knight Frank Global Corporate Services team, in conjunction with Eastdil Secured, represented CenturyLink in the sale of 1600 Seventh Ave., a 32-story, 598,000 s/f office property for $137 million. Clarion Partners, a leading real estate investment manager, made the purchase on behalf of a separate account client of the firm in an off-market transaction. Clarion acquired the building from CenturyLink, formerly known as Qwest Communications. CenturyLink and its predecessor companies have continuously occupied the property since it opened in 1976 and will remain as a tenant in 260,000 s/f. A Newmark Knight Frank's team led by Victor Frandsen, Tim Harrington, and Alan Polacsek represented CenturyLink in the sale and the new lease negotiated with Clarion Partners. "The transaction allows CenturyLink to monetize its real estate holding while positioning itself in what will be a newly renovated class A property moving forward. It benefits all parties," said Frandsen. Simultaneous with the purchase, Clarion announced that Nordstrom, Inc. has committed to a long-term lease for over 300,000 s/f, bringing the occupancy of the property to 88%. The company expects to start moving into its new location beginning in fall 2012. Urban Renaissance Group, LLC represented Clarion in the transaction and will serve as the local operator of the asset going forward. Following the acquisition, Clarion and Urban Renaissance Group plan a significant renovation of the property, updating the common areas, including the main lobby, and adding ground level retail and underground parking. Located in the heart of the central business district, 1600 Seventh Ave. is easily accessible by public transportation, sits two blocks from the downtown Seattle Nordstrom store and Nordstrom Rack store and is within walking distance of many of the city's leading retailers, restaurants, and hotels, as well as the Washington Convention Center.