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Former Regence Group HQ Changes Hands

SEATTLE-The new owner, investor Joe Brotherton, tells GlobeSt.com he's got several options for utilizing the vacant 75,000-sf building at 1800 Terry Ave., which he acquired for about $4.5 million.

By Brian K. Miller | Updated on November 02, 2004

SEATTLE-Locally based investor Joe Brotherton has acquired the 70,000-sf former Regence Group headquarters at 1800 Terry Ave. for between $4.5 million and $4.6 million, which translates to about $60 per sf. Brotherton tells GlobeSt.com he is currently planning to transform the property into a “unique housing option,” adding that he “can’t say too much more” for another few weeks. However, he adds that some of the car dealers in the area has expressed an interest in utilizing the building as a multi-story dealer showroom. As for the ground floor, Brotherton believes the site would lend itself to a drive-thru Starbucks or something. “I bought it largely because the price was right,” says Brotherton, an attorney and CPA who also invests in real estate. “If the office market were a little better, I’d love to convert it to low-end, easy offices.”Brotherton says he acquired the Terry Avenue property under the name the Big House LLC because of its “prison-style” architectural concrete panels. “It is a building everybody knows, but nobody remembers,” says Brotherton, who is considering exterior improvements.The Terry Avenue building is located near the intersection of Terry and Howell Street, one block off Olive Way. Every floor in the building has views of the city and the Space Needle. Several projects have been announced or are under construction in the area, including projects by RC Hedreen, Clise Properties, Vulcan and Milliken Urban Limited Partnership.Brotherton, an investor in real estate and operating businesses, he has commercial, industrial and residential rental properties in Alaska, Washington and Arizona and recently purchased the Doe Bay Resort and Retreat on Orcas Island. He owns several Eastside office buildings with his partner Bill Summers.

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