Built in the early 1900s for American Can Corp., the property was renovated in 1976 and converted to use as an apparel mart. A $16-million conversion in 1998 turned it into office space. RealNetworks leases 80% of the building through 2011. The Art Institute's lease runs through 2013.
This purchase marks Shorenstein's second venture with Wright Runstad. In October 2005, Shorenstein acquired an interest in an existing Wright Runstad-sponsored partnership that owns a 50% interest in the 55-story, 1.1-million-sf Washington Mutual Tower in the heart of Seattle's financial district.
At that time, industry sources told GlobeSt.com that Shorenstein essentially replaced Wright Runstad as EOP's 50-50 partner, but added that Wright Runstad still owns a nominal stake and that EOP holds preferred equity which, in the event of a sale, would result in EOP having a much larger equity interest. According to EOP's annual report from March 2005, EOP holds a 75% equity interest in the asset that it values at $342.5 million.
WaMu Tower was Shorenstein's first foray into the Pacific Northwest. The building's anchor tenant, Washington Mutual, vacated a little over 200,000 sf earlier this year when the bank moved its headquarters to its new building at Second Avenue and Union Street. About 80% of that space is being backfilled by the law firm Davis Wright Tremaine. Washington Mutual continues to occupy a little more than 200,000 sf in the building.
Wright Runstad and Shorenstein acquired the Trade and Technology Center under SRI-WR Elliott Avenue LLC. The seller of Seattle trade & Technology Center is listed as 2601 Elliott LLC. The company's registered agent is J. J. Leary Jr., an attorney for the Seattle law firm Graham & Dunn.
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