Locally based Sabey purchased the land in 1983 and developed the building, which opened in 1987 and sits adjacent to Myrtle Edwards Park. The new owner is a commercial and residential real estate firm based in Foster City, CA.
"This sale was an opportunity to capitalize on a mature investment and provide additional resources for other development activities," says Sabey SVP John Sabey.
In April, Sabey acquired the 55.27-acre Associated Grocers headquarters and distribution facility at the south end of Boeing Field for $91 million and leased it back to AG for up to four years, giving Sabey time to plan the future of the property.
In October 2006, the company paid $9.9 million for the original Rainier Brewery on a five-block, 5.5-acre site along Airport Way in Seattle that it plans to redevelop the site with a mix of retail and residential. In August 2006, Sabey purchased 30 acres near Wenatchee in Douglas County for Intergate Columbia, a state-of-the-art data center campus.
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