A subsidiary of Hong Kong’s Great Eagle Holdings Ltd. has been revealed as the buyer of the Seattle’s downtown landmark, the Dexter Horton Building, according to public records a report by the Puget Sound Business Journal. The sale came in at $124.4 million, or roughly $370 per square foot, which is almost double the amount the seller, Gerding Edle, paid for it two years ago.
Dexter Horton is a 93-year-old, 15-story building located at 710 Third Ave. in Seattle’s Central Business District. It has a rental area of 336,500 square feet and is almost 90 percent leased, which was likely one of the reasons the seller was able to negotiate a premium price on the transaction. Further, almost half of the leases are expected to turn in the next five years, with some of most famous tenants currently paying below-market-rate lease rates. The potential for rent grown is significant, all things held equal.
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