By Meghan Hall
The Fourth and Pike Building, a 10-story renovated commercial building at the heart of Seattle has traded hands. According to King County property records, Mayfield Companies has sold the asset to LBA Realty for a $58 million, or roughly $624 per square foot.
Mayfield Cos. acquired the roughly 93,000 square foot building just over ten years ago in 2008 for $25.15 million and has since spent time updating the Gothic structure. It was originally constructed in the late 1920s as the site of the first Liggett Drug Store—The Liggett Co. had negotiated a 99-year lease— in Seattle and was built under general contractors Murdock & Eckman. The modernized building includes amenities such as shower facilities, bike storage, Mitsubishi heating and Century Link, Integra, Comcast or fiber services.
Located at 1424 Fourth Ave., modern tenants include Ben Bridge Jewelry, who has leased space at Fourth and Pike for more than 60 years, Carhartt and The Walking Company. Professional tenants also include HULU, Landesa and Taphandles. According to Mayfield Companies’ website, current availabilities in the building range between 2,245 and 2,300 square feet and go for $40 per square foot full service.
Since the firm’s inception, Mayfield Companies has renovated more than 370,000 square feet of office space, with location in the San Francisco Bay Area, Portland and metropolitan Seattle. To date, Mayfield Companies’ holdings have an aggregate value of $110 million.
LBA Realty has also been active throughout the region, and based on The Registry’s previous reporting, has been acquiring a number of industrial and warehouse assets throughout the region. At the beginning of the year, LBA Realty spent $98.5 million to acquire six warehouse/distribution buildings near SeaTac from Prologis. In February, the firm acquired another warehouse in Kent for $12.7 million and also disposed of an office property and adjacent parking lot to the Federal Way Public School District for $13 million. According to its website, LBA Realty invests in high-quality, mixed-use and urban assets throughout the Western U.S., including Northern California, Denver and Phoenix.