Hong Kong-based Gaw Capital Partners completed its purchase of the 76-story Columbia Center in Seattle for $711 million on Aug 7.
It ranks as one of the biggest real-estate transactions in the region’s history and is the first time a large Asian investment firm has acquired a trophy tower in Seattle.
Asian institutional investors have been shopping for deals in the Seattle area over the past year. Gaw Capital bid successfully against domestic funds and long-established European investors.
The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report 2015 suggested a wave of foreign-direct investment and immigration has arrived in the Pacific Northwest as an alternative to traditional West Coast gateway markets.
Columbia Center, the city’s tallest skyscraper, was built 30 years ago. At 287.4264 m it is currently the second tallest structure on the West Coast. (Photo provided to chinadaily.com.cn)