July 15, 2022 (Seattle, WA) – Lee & Associates Commercial Real Estate Services is pleased to have represented the seller in the disposition of Fourth & Union, a/k/a Men’s Wearhouse Building, a 21,713 square foot historically landmarked building located in Seattle, WA, to Rosauer Real Estate, LLC.
“I’m a big believer in downtown Seattle,” the Buyer, Matt Rosauer a local real estate investor, said. “I’m looking forward to owning this unique building in the center of our City.”
The Fourth & Union Building, located at the corner of Fourth Avenue and Union Street in downtown Seattle, sold for $10.6M. Formerly known as the Great Northern Building, the property was ground-leased for a period of 99 years in the mid-1920’s to Great Northern Railway, which ultimately became the BNSF Railway. Robert Reamer, an architect notable for projects such as the Old Faithful Inn at Yellowstone National Park and the 5th Avenue Theatre in Seattle, designed the current structure, which was delivered in 1928, to function as a ticket office for the railway. The property features Art Deco flourishes and was designated by the Landmarks Preservation Board in 1989. The 4-story mixed-use building offers three floors of office space, sitting atop some of the most highly sought-after ground-level retail space in the Pike/Pine Corridor. Fourth & Union benefits from the quintessential ‘main and main’ location across from the new Rainier Square and offers unparalleled access to transit and amenities. It has been fully leased to its two current tenants for more than a decade.
“We were honored to represent our client in the sale of this landmark downtown Seattle property,” noted Stuart Williams, Principal at Lee & Associates Commercial Real Estate Services and part of the Capital Markets team.
Seattle continues to be one of the most desirable markets in the country for companies and residents. More than $3 billion in office sales have closed year-to-date, and investor interest remains high, particularly for truly unique acquisition opportunities such as Fourth & Union.
The Lee & Associates team of Stuart Williams, Alex Muir, and Adrienne Hunter facilitated the transaction.
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Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.