Legacy's local SVP Kerry Nicholson tells GlobeSt.com that room renovations will be completed in phases. Sales are expected to begin in early spring 2006 and be complete by the end of 2006. The property is 98% leased. Current tenants will be given the first opportunity to purchase.

The units average 800 sf and include high ceilings, oversized windows with city views and historic elements, including the school's original blackboards. Based on recent comparables, sales could average more than $500 per sf, which would result in a $55-million to $60-million sell-out.

Originally opened in 1909, Queen Anne High School is one of 37 Seattle buildings on the National Register of Historic Places. In 1986, Lorig acquired the building but not the dirt from the Seattle School District. The agreement included an option whereby the building could be converted to condominiums and the ground lease would end. Per the terms of the original agreement, the Seattle School Board will receive, as additional compensation, 12% of the condo sale prices as units are sold and closed.