Deka Immobilien acquires Google’s Seattle campus from Vulcan

Published on 02/25/2022

Deka Immobilien has acquired Google’s “Lakefront Blocks 25 & 31” campus in Seattle’s South Lake Union neighborhood for $802,000,000 from Seattle-based Vulcan Real Estate, the investment vehicle of the late Paul Allen (co-founder of Microsoft Corporation). The buildings were completed in 2019. As part of a joint venture, block 25 will be transferred to the open-ended real estate funds Deka-ImmobilienGlobal (60%) and Deka-ImmobilienMetropolen (40%). Block 31 will be entirely assigned to the Deka-ImmobilienGlobal portfolio. The property went on sale in September 2021 with each block marketed independently.

The 25” and 31” Lakefront blocks consist of two structurally separate buildings. Block 25 has over 30,000 square meters of rental space plus 345 parking spaces and is occupied almost entirely by Google LLC under a long-term lease.

With this transaction, Deka Immobilien further diversifies the existing US portfolio of the Deka-ImmobilienGlobal and Deka-ImmobilienMetropolen funds and adds a contemporary investment that also offers in terms of sustainable energy and stable cash flow.

DekaBank is the securities services provider of the German financial group of savings banks (Sparkassen-Finanzgruppe). Together with its subsidiaries, it forms the Deka group.

Dublin and Madrid
On February 21, 2022, Deka Immobilien made its first investments on behalf of its new special fund Domus Megatrends Europa. Deka Immobilien has acquired two high-end office buildings in Dublin and Madrid for a total of over 100 million euros. BNP Real Estate Investment Managers sold the building in Dublin. The British investment company Blue Coast Capital sold the office building in Madrid. The property, 8 Hanover Quay in Dublin, was built in 1920 and renovated as new build in 2016. The lettable area of ​​approximately 3,750 m² is fully and long-term used by Airbnb Ireland. The property is located at Grand Canal Dock in the South Docks sub-segment of Dublin. The Ancora 40 office building in Madrid, built in 1990, was completely renovated in 2021 and is characterized by high spatial efficiency. It includes more than 7,000 square meters of rental space and 57 parking spaces. The four interconnected sections of the building are fully leased to Just Eat Takeaway, Europe’s largest online food delivery service provider. Ancora 40 is located in the established sub-segment of Méndez Álvaro.

Keywords: Vulcan LLC. Vulcan Inc. (Vulcan Capital).

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