If there was any question about where the commercial real estate market in Seattle is heading early in 2019, Los Angeles-based CIM Group may have provided a glimpse. The real estate investor just spend $151 million, or around $450 per square foot, to acquire one of Seattle’s best known historic properties, the Dexter Horton building located at 710 Second Ave. The 336,000-square-foot building was sold by Pacific Eagle Holdings, which had purchased it November of 2015 for $124.4 million from Portland-based Gerding Edlen.
This marks the third sale of this property in this economic cycle. Gerdin Edlen bought the property in 2013 for $76.6 million, sold it to Pacific Eagle for $124.4 million and saw the building now transact one more time for $151 million.
The Dexter Horton building was named after the founder of Seattle’s first bank. When it opened in 1924, it was considered one of the most advanced in the country. The property received landmark status in 1992 and underwent major renovations in 2002.
According to the building’s web site, the property features white terra cotta exterior, ornate interior details and rich marble finishes that have been classically preserved. The property has open floor layouts, access to public transportation and rich amenities – including bike stalls and showers, a penthouse lounge and dog lounge.
Pacific Eagle is a San Francisco-based real estate manager with a more than 20-year track record investing in hotels, offices and condominiums in the United States, according to the firm’s web site. The company was established in 1992 as the U.S. presence of Great Eagle Holdings Limited, one of the world’s leading real estate investment and development companies. The company repositions and invests in premier urban gateway markets throughout the U.S., including New York, Boston, Chicago, Los Angeles, San Francisco, Silicon Valley and Seattle. The company also manages a real estate fund business through Pacific Eagle (US) Real Estate Fund.
CIM is a national investor and real estate manager with nearly $30 billion in total assets under management. It has been in business for nearly 25 years and has invested in over 100 communities. According to the company’s web site, the firm owns, operates and provides lending for a broad range of real estate and infrastructure asset types that support and benefit communities, from a high-rise apartment building in Manhattan to a solar field in California and a pharmacy in rural Indiana.