Frank Russell Building Sells for $52M

TACOMA, WA-Stellar International Holdings has sold the 225,000-sf Frank Russell Building here to Wells Real Estate Investment Trust for $52 million.

Stellar chairman and CEO Lars Jonsson tells GlobeSt.com he acquired the 12-story building from Frank Russell in 1998 for about $40 million and the Frank Russell Co., which Russell concurrently sold separate from the building, immediately leased the building back for a period of 15 years, not including multiple renewal options.

“We had a lot of equity tied up in the building and we felt it was a good time to sell because institutional players are looking for this kind of property,” Jonsson tells GlobeSt.com. “We are a more entrepreneurial company and this allows us to diversify.”