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Trade & Tech Center Fetches $107M

SEATTLE-The six-story, 340,000-sf former warehouse and manufacturing facility turned office building is 100% leased through 2011.

By Brian K. Miller | Updated on September 05, 2006

SEATTLE-Locally based Wright Runstad and San Francisco-based fund sponsor Shorenstein Properties have acquired the six-story, 340,000-sf Seattle Trade and Technology Center here for about $107.5 million including $1.9 million in tax, according to county records. Located at 2601 Elliot Ave., the one-time warehouse and manufacturing facility is 100% leased to RealNetworks and the Art Institute of Seattle. The transaction, which recorded Sept. 1, includes an adjacent 600-stall parking garage.

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.

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