The deal, if completed, would be King County’s largest real estate transaction in nearly a year.
A potential pending sale of the 50-story Safeco Plaza office building in downtown Seattle could become the biggest real estate deal of the year, a new report says.
JLL, a commercial real estate services firm, said a German real estate fund management group called GLL has agreed to buy the tower for $387 million, the largest dollar amount for a King County property sale since Columbia Center sold for $711 million in August. GLL declined comment.
The sale, in the works for at least a couple months, hasn’t closed yet and has not been filed with county officials.
The building, previously called 1001 Fourth Ave., is better known to longtime residents as “The box the Space Needle came in.”
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The California Public Employees’ Retirement System is the previous owner of the building, which is predominantly leased by Safeco Insurance. The tower last sold for $163 million in 2005.