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The sale of 410 Tenth Avenue is yet another indication of the Manhattan office market's resiliency and continued global demand for high-quality, trophy assets with credit rated tenants." While the company had planned to hold the asset for the long term, it sold the property because it could "achieve extraordinary profits," which will enable it to reduce debt and repurchase shares.
Time and again, we've had success in growing our portfolio with properties adjacent to existing assets in neighborhoods undergoing positive transformation…With its prime location, modern amenities, and tenants backed by superior long-term credit, this investment will build upon our success in downtown Seattle...We are also pleased to significantly expand our relationship with Amazon, which now becomes one of the largest tenants within our office portfolio.
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