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Gibraltar Buys Downtown Office Building

SEATTLE-Kurt Fisher, a partner in the real estate firm, tells GlobeSt.com that his company is taking the top floor of the eight-story building in the heart of the retail core. The fourth floor is available for lease and the second floor is slated for a major renovation that will include a new lobby for office tenants.

By Brian K. Miller | Updated on October 20, 2005

SEATTLE-Century Tower, an eight story 40,000-sf Downtown office building has changed hands for $6 million. An affiliate of the locally based commercial real estate firm Gibraltar LLC acquired the building from a group of local investors that has owned it since the 1970s.

The investment is a value-add play. The building 73% leased, with several leases set to expire in 2006. The current vacant space has been empty for about 18 months. Gibraltar Partner Kurt Fisher tells GlobeSt.com he is planning to invest an additional $1.5-million improving the property, and has changed the name to Gibraltar Tower.

The concrete building was built in 1910 on one-eighth of a block at 1525 Fourth Ave., which is between Pike and Pine Streets in the retail core. It shares the block with Century Square, a 30-story office tower built in the mid 1980s.

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