Seattle’s Park Place gets buyer

Asset offers 'value-add' opportunity

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Transwestern Investment Co. LLC, on behalf of Aslan Realty Partners III LLC, recently acquired Park Place in Seattle, Wash. Park Place, a class A, 21-story office tower totaling more than 310,000 square feet, is located in the heart of Seattle's central business district. Neither the sales price nor the seller's identity was disclosed. Transwestern intends to implement a significant capital improvement program to upgrade building common areas and systems, and Transwestern Managing Director of Acquisitions Kevin Hites said in a press statement, "… Park Place is a true value-add opportunity from both a leasing and physical improvements standpoint" and "we intend to continue to pursue similar investment opportunities in and around the CBD." *** What's your opinion? Send your Letter to the Editor to ...