Downtown Seattle's distinctive Second & Seneca Building — also known as the Ban Roll-On or R2D2 Building for its blue rooftop dome — has been sold for 19 percent less than it fetched five years ago.
Downtown Seattle’s distinctive Second & Seneca Building — also known as the Ban Roll-On or R2D2 Building for its blue rooftop dome — has been sold for 19 percent less than it fetched five years ago.
An affiliate of Rockwood Capital, a San Francisco-based real-estate investment company, paid Tishman Speyer of New York $186 million for the 22-story office building, according to county records.
Tishman paid $230 million for the 434,000-square-foot building in April 2007, near the peak of the commercial real-estate boom. A year later Washington Mutual failed, driving vacancies up and rents down throughout downtown.
WaMu had occupied about 16 percent of Second & Seneca.
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At one time, the building’s appraised value was lower than Tishman’s $175 million mortgage on it. The firm was able to restructure and modify that debt in 2010, also injecting $15 million in new equity.
Despite the reduced sale price, the deal is King County’s largest real-estate transaction since 1918 Eighth, another downtown office tower, sold for $350 million last August.
Second & Seneca, also known as the Safeco Center for its largest tenant, is 13 percent vacant, according to commercial real-estate database Officespace.com.
The sale also includes an adjacent, older 8-story office building at 1101 Second Ave.
Eric Pryne: 206-464-2231 or email@example.com