A prime piece of downtown Seattle real estate sold this week for $71.2 million, 14 percent less than what it fetched in the heady summer of 2007.
Market Place I and II, a two-building office complex on Western Avenue next to the Pike Place Market, was constructed in 1980 and underwent a $4 million renovation since being acquired in July 2007 by a partnership led by BlackRock, a New York-based investment manager.
The complex had an 18 percent vacancy rate, according to an offering memorandum.
An investment partnership that lists Morgan Stanley as its adviser bought the complex on Thursday.
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