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Archon Group Set To Buy 20-Story 720 Olive Tower

SEATTLE-The estimated $70-million sale price is all the more spectacular knowing the seller, San Francisco-based Rreef Funds, bought the 286,000-sf office tower for $34.6 million in December 1996 from G.E. Capital Investment Advisory Group.

By Jack Burney | Updated on December 26, 2000

SEATTLE-Texas-based Archon Group hopes to finalize this week its $70 million acquisition of the 286,000-sf 720 Olive Tower office building in downtown Seattle, a move some say will bolster confidence in the city’s real estate prospects.

The building, constructed in 1981 at Seventh Avenue and Olive Way, was formerly known as the Marsh & McLendon Building. It wasn’t considered part of downtown until the downtown activity began creeping into its neighborhood during the 1990s.

The estimated $70-million sale price was all the more spectacular because seller San Francisco-based Rreef Funds bought the tower for $34.6 million in December 1996. Nearby, Nordstrom and Seattle-based Clise Properties Inc. are developing a 538,000-square-foot office building to be used principally as administrative offices for the Seattle retailer.

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