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$147M Sale of 1001 Fourth Draws Near

SEATTLE-The 707,000-sf Downtown office building with a potential 40% vacancy looming should be under contract by the end of the month, according to a local source who says the building could fetch as much as $210 per sf, which translates to about $147 million.

By Brian K. Miller | Updated on March 06, 2005

SEATTLE-The sale of 1001 Fourth Avenue Plaza is drawing nigh. Original bids for the 707,000-sf Downtown office building here were due Feb. 24 and the top five or six bidders were expected to submit best and final offers last week, according to a local source. Given that, the 50-story building should be under contract by the end of the month.Local real estate sources tell GlobeSt.com the building could sell for as much as $210 per sf, which translates to about $147 million. The building is about 15% vacant now but soon will be 40% vacant by the end of the year if no significant new tenants are signed up before that time, according to Officespace.com. The website lists 305,000 sf as “available” in the building, including 240,000 sf that is not currently vacant but will be by the end of the year. ING Clarion manages the asset on behalf of a domestic pension fund that is selling in order to capitalize on the sellers’ market after 10 years of ownership. Secured Capital has the disposition assignment. Secured’s Stephen Van Dusen declined comment.When it was completed in 1969, 1001 Fourth was the headquarters for Seattle First National Bank and the tallest building west of the Mississippi. It is located catty-corner from the city’s new public library and near the Union Bank of California Building, a similar-aged building that sold for close to $190 per sf in October.

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