The 27-story Seattle Tower, a downtown landmark, has changed hands for the third time in five years.
The 27-story Seattle Tower, a downtown art deco landmark, has changed hands for the third time in five years.
Public records indicate an affiliate of the real-estate arm of Dallas investment-management firm Invesco bought the 1929 brick-and-terra-cotta-clad office tower from Laeroc Funds, of California, for $30.45 million. That’s nearly $10 million more than Laeroc paid for it 16 months ago.
The building, at Third Avenue and University Street, was 30 percent vacant then. Now it’s about 15 percent vacant, according to commercial real-estate database Officespace.com.
California-based Legacy Partners paid $36 million for the tower, a historic landmark, in August 2006, and sold it last year to Laeroc for little more than half that sum.
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The Seattle Tower transaction is the latest in a run of sales of a prominent downtown office properties. Other buildings that have sold in recent weeks include 1918 Eighth, 818 Stewart, the Westlake Center office tower, 505 First South and 83 King Street.