Home Commercial Shea Properties Acquires 15,330SQFT Office Building in North Seattle for $11.55MM With...

Shea Properties Acquires 15,330SQFT Office Building in North Seattle for $11.55MM With Plans to Redevelop

By Jack Stubbs

A property in north Seattle—which is slated for redevelopment—changed hands late last week.

On Friday, May 18th, an office building in Seattle’s Greenwood neighborhood sold for $11.55 million, or approximately $753 per square foot, according to public records filed with King County. The buyer was Aliso Viejo, California-based Shea Properties, a real estate company that develops and manages apartments, office, retail and industrial properties throughout the Western U.S. The seller was Columbia Trust Company, an entity that provides a variety of personal trust and investment management services to its clients.

The buyer did not respond to calls for comment about the transaction in time for the publishing of this story and the seller declined to comment.

The office building, located at 320 N. 85th St., was built in 1955 and totals 15,339 square feet, according to public documents. According to Google Maps, the building is currently occupied by a dance school and a pharmacy.

Shea Properties has plans in the works on N. 85th St. for a six-story mixed-use residential building that will include 220 residential units and between 4,000 and 5,000 square feet of commercial space. The company’s project was approved by the northwest design review board on February 28th at an Early Design Guidance meeting.

The property is approximately two miles southwest of Seattle’s Northgate neighborhood and about three miles north of Fremont. Additionally, the asset is roughly two miles from Green Lake and less than one mile from access to Washington State Route 99.

Shea Properties is a real estate company that specializes in the acquisition, design, development, construction, leasing and management of a variety of apartment, office, retail and industry properties in California, Colorado and Washington, according to its web site. The company currently owns and operates more than 8,100 apartment units and 4.9 million square feet of office, industrial and retail space in the three states.

Shea Properties does not currently own any office properties in Seattle other than the recently-acquired asset in Greenwood. On May 21st, the company announced the grand opening of the 296-unit Leeward Apartments in South Lake Union.