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Safeco Sells Headquarters to University for $130M

SEATTLE-The insurer's landmark 21-story office tower in the University District has been the company's official home for 35 years. The deal includes several other assets.

By Brian K. Miller | Updated on August 28, 2006

SEATTLE-Safeco is selling its long-time headquarters office tower and adjacent buildings in the University District to the University of Washington. The sale price for the 21-story building and nearby properties is $130 million; Safeco is expected to recognize a pre-tax gain of approximately $107 million.

The 279,500-sf tower and its three adjoining buildings total 511,000 sf. Other properties in the deal include a leased restaurant building (8,800 sf); two parking garages (727 cars) and two surface parking lots (1.7 acres); a small retail building (11,000-sf); and a 29-unit apartment building (13,400 sf) that it tied up in a lawsuit and may not end up being in the deal.

In January, Safeco agreed to sell its 46-acre, 1.4-million-sf campus here to locally based Microsoft Corp. for $209.5 million. At that time, it was still planning to consolidate its 3,200-person regional operations on and around its 5.5-acre headquarters campus in Seattle’s University District.

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