Just months after opening, the popular Skyglass skyscraper was sold to a company believed to be associated with Goldman Sachs

Seattle, Washington – The 339-unit luxury apartment skyscraper Skyglass in Seattle’s busy South Lake Union area was sold for an amazing $173.8 million in a major real estate deal. The seller, an entity affiliated with Gemdale USA which also developed the property, handed over the keys to a buyer associated with Goldman Sachs, marking a per-unit price of approximately $514,201.

With 31 floors, the architectural Skyglass is located at 222 Dexter Ave. N. Hewitt and is developed in unusual structure with an eye-catching glass exterior that plays with light and shadow to produce a dynamic visual impact that varies with the season. The building’s dark brick and concrete base lets it fit perfectly with the metropolitan scene while also making an impression.

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With its mix of studio, one-, two-, and three-bedroom layouts, Skyglass presents a spectrum of living choices. Every apartment is made to maximize natural light and space; the different floor layouts give every tenant a different living environment. Rich in conveniences, the building features an infinity pool, a rooftop club with broad views of the city, and a large outdoor patio furnished with grills and a workout area.

“This project has truly redefined urban living in Seattle, offering unmatched views, efficient design, premium amenities, and a prime location,” said Kevin Cao, director of acquisitions at Gemdale USA in a LinkedIn post. “The sale marks a significant milestone for Gemdale USA Corporation, highlighting the strong demand for upscale residential properties in Seattle.”

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Skyglass opened in February 2024 and has already become a sought-after apartment, leasing 70% of its units and reaching 60% occupancy rate in just six months. With almost 40 units per month at market rate, this remarkable absorption rate highlights the great market for luxury living.

Courtesy of Skyglass

Based in Pasadena, Gemdale USA Corporation offers office buildings, multifamily rentals, mixed-use and residential projects spanning major American cities including New York, San Francisco, Seattle, and Dallas. The company focuses on upscale projects that occasionally integrate single-family homes with condominiums.

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This deal fits a larger trend in the real estate market of Seattle, which keeps multifarious activity in apartment buildings. Another notable sale earlier this year involved a 209-unit First Hill building sold for $76.3 million by an entity connected to ICONIQ Capital to a buyer connected with Roundhouse. These residences’ varied features and strong conveniences mirror Seattle’s rising demand for upscale urban living.