Skanska sells share in 2+U office tower to Hana Alternative Asset Management

Press release 12/22/2020 7:00 AM EST

Recapitalization comes as two new retailers sign leases for ground-floor space of Downtown Seattle building

SEATTLE - Skanska, a leading global development and construction firm, today announced South Korean financial group Hana Alternative Asset Management, alongside Hana Financial Group, will purchase a 95 percentage stake in the Skanska-developed and built 2+U office and retail tower in Seattle for approximately $669 million. The divestment will be recorded by Skanska Commercial Development USA in the fourth quarter of 2020. Hana will acquire and begin operations of the 2+U development immediately in conjunction with Hines asset management and property management.  Skanska will continue to be involved in the project and complete the ground plane and retail vision. The divestment marks the largest single-property real estate transaction in the U.S. since the beginning of the Covid-19 pandemic.

Completed in late 2019, 2+U is a thoughtfully designed 38-story office tower and retail village named after its location at Second Avenue between Union and University streets in the heart of downtown Seattle. The 703,000-square-foot tower was recently honored with the 2020 NAIOP Washington Office Development of the Year Award in November.

“Skanska is pleased to be partnering with Hana on 2+U. Hana is a well-respected professional organization that has a long history of owning top tier Class A+ office buildings in international markets. They are well positioned for the future and will help shape and refine what 2+U will become for the community, our city, and our tenants,” said Murphy McCullough, Executive Vice President for Skanska USA Commercial Development’s Seattle market.

Skanska is making the announcement following the signing of two retail leases within the Urban Village at 2+U, with both One Workplace’s The Shop by Porter, and Valiant Barber & Supply opening new locations at 2+U in the coming year.

The Shop by Porter

Northern California-based office designer One Workplace will lease a 3,763 square-foot ground-level retail space at 2+U just off the corner of 1st Ave and Seneca Street known as The Shop by Porter. A corporate interior provider with designers, audiovisual specialists and business strategists, this will be One Workplace’s fifth retail location and first in the Seattle area. The store is expected to open to the public in summer 2021.

Valiant Barber & Supply

Seattle-based men’s hairstyling and grooming brand Valiant Barber & Supply will lease a 370 square-foot ground-level retail space in the Urban Village at 2+U, and will be situated prominently at the corner of 2nd Ave and University Street when it opens later this year. It will be the second Seattle location for the full-service barber shop and grooming supply store.

About 2+U

2+U is a 701,000 square-foot retail, office, and arts-and-culture project in the heart of downtown Seattle. Skanska engaged community stakeholders in the planning stages of the project to create a building that adds immediate value to the tenants and the surrounding community. Located at the corner of Second Avenue and University Street, the building is adjacent to Seattle Art Museum and Benaroya Hall, and just steps from the new waterfront. 2+U is lifted 85 feet off the ground at the highest point to create an outdoor urban village situated under the building.

The Urban Village includes nearly a half-acre of open space designed for gathering and connecting tenants, neighbors and visitors with local retail, and arts and cultural space. Through its thoughtful design, 2+U becomes a connection linking the new waterfront, Pioneer Square and surrounding downtown neighborhoods.

Current tenants include:

  • Italian eatery from Seattle restaurateur Ethan Stowell Tavolàta
  • Seattle-based specialty coffee purveyor Caffe Ladro
  • Leading online employment search company Indeed.com
  • Global collaboration platform firm Dropbox, Inc.
  • Flexible workspace innovator Spaces
  • Customer experience leader Qualtrics

With more than 70 years of history in the Puget Sound region, Skanska combines generations of local knowledge with the vast tools of a global development and construction firm to build what matters for local communities. Skanska’s portfolio ranges from investing its own capital and developing award-winning sustainable real estate, like Brooks Sports’ headquarters at Stone34, to building local landmarks, such as Benaroya Hall and the Museum of Glass, major infrastructure projects like the replacement of the southern mile of the Alaskan Way Viaduct and small tenant improvements. Recognized as one of the region’s top corporate philanthropists, Skanska is also committed to creating new opportunities for local small, traditionally disadvantaged businesses.