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City Ponders Purchase of Qwest Building

BELLEVUE, WA-Steeped in financial woes, the Denver-based telecommunications company is offering up its Downtown headquarters to the city as it relocates local workers to Seattle. Although the office building is appraised at nearly $58 million, the asking price is only around $28 million.

By Gina Binole | Updated on September 04, 2002

BELLEVUE, WA-City officials are contemplating the purchase of the Qwest office building across from Meydenbauer Center Downtown. They say City Hall space, totaling about 170,000 sf, has been cramped for some time, and the purchase price of $28 million for the Qwest building is a good deal.

Cost estimates on purchasing and renovating the 298,000-sf building run from about $90 million to $105 million. Improvements would include seismic upgrades and meeting space. Qwest officials would like to close the deal by the end of the year and then lease back space until it has completed the relocation of several hundred workers to its 32-story office building located at 1600 Seventh Ave. in downtown Seattle.

If the deal is approved, it’s likely the transition to a full-service City Hall, and the relocation of its 500 employees, will not take place until 2004, according to City Manager Steve Sarkozy.

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