Paul Allen’s firm said it would invest the proceeds in development and investment opportunities.
Vulcan Real Estate continues its selling spree in South Lake Union, announcing on Wednesday it has dealt a block-length stretch of property to an investor for $133.6 million.
The Shidler Group, based in Honolulu, purchased the 2.4-acre site on 850 Republican St., between Eight and Ninth avenues North. The sale is for the land only: The University of Washington School of Medicine owns 361,000 square feet of researchfacilities on the property, which was developed by Vulcan last decade. The UW site includes the renovated former Blue Flame building, known for a 26-foot-tall rotating flame sign.
Vulcan said in a statement that it would invest the proceeds in new development efforts and investments. The Paul Allen company has sold $574 million in assets this year and $3.4 billion since 2012, while also launching new projects.