LEX Announces It Will Take Seattle's SOLIS Building Public In IPO
After multiple successful IPOs in New York and other cities, LEX is taking another building public, this time in the highly in-demand market of Seattle. The building, SOLIS, is an award-winning multifamily and retail asset designed with sustainability in mind. This offering is available to the general public on the LEX platform starting today.
SOLIS is situated on Capitol Hill's fast-growing and popular Pine-Pike corridor. The building is surrounded by a lively mix of restaurants, bars, and prime retail and entertainment venues; it also offers convenient proximity to major tech employers and Seattle's largest universities. Located on 1300 East Pike Street, SOLIS is currently 100% leased and features top-tier tenants including Sonder, the next generation hospitality company known for curating award-winning accommodations around the world.
"We're thrilled to partner with LEX and offer investors the opportunity to invest in SOLIS through their innovative model," said Marc Coluccio, SolTerra Capital COO. "SOLIS's location in one of Seattle's most desirable neighborhoods, its high sustainability standards, and tenants make the asset a compelling investment. We're excited to offer it to the market in this IPO."
SOLIS is built to Passive House standards, designed to operate using substantially less energy and achieve significant cost savings. Additionally the property is exempt from paying property taxes on over 61% of its assessed value for ten years. Recently constructed, SOLIS is an award-winning six story mixed-use building with 34,260 square feet of total rentable space: 5,960 square feet across three retail units on the first floor, and 28,300 square feet across 45 residential units for rent on floors two through six.
"This new IPO represents a major step forward in LEX's mission to democratize the $17 trillion U.S. commercial real estate market," said Drew Sterrett, LEX Co-Founder and Co-CEO. "SOLIS will expand our innovative approach to commercial real estate investing to one of the most highly in-demand markets in the country."
SOLIS is open to all U.S. investors, as with all investments offered through LEX. Investors can benefit from favorable tax treatment and receive their proportional shares of income distributions at the same rate as the owner, all while diversifying their portfolio.
Once the initial offering period ends, SOLIS will be assigned a ticker, and shares will trade during standard market hours. Shares can be purchased through any brokerage account and will trade on the secondary market, just like any other stock.
LEX's first New York City building IPO, 286 Lenox Ave., is now trading under the ticker symbol TESLU. In February, LEX closed a $15 million Series A financing round led by PEAK6 Strategic Capital, a division of PEAK6 Investments. Other major venture capital investors included Khosla Ventures, Two Lanterns, MUFG Innovation Partners, and Gaingels.
About LEX
LEX is a new way to invest in real estate. LEX turns individual buildings into public stocks. Any U.S. investor can open a LEX account, browse opportunities in various asset classes such as multifamily and office buildings, and buy shares of individual buildings. As a shareholder, investors can earn income quarterly and can trade their shares on our public market whenever they need to exit (liquidity not guaranteed). Each building on LEX has a ticker symbol and stock chart. LEX opens up direct and tax advantaged ownership in an asset class that has previously been inaccessible to most investors. For more information, please visit www.lex-markets.com.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.
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