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Sabey Sells P-I Building to Legacy Partners

SEATTLE-The 20-year-old, 100,000-sf building on Elliott Avenue West trades for $40 million or $400 per sf.

By Brian K. Miller | Updated on June 18, 2007

SEATTLE-Sabey Corp. has sold the Seattle Post-Intelligencer Building here to Legacy Partners for $400 per sf or $40 million. Current major tenants of the five-story, 100,000-sf building at 101 Elliott Ave. W. include the Seattle Post-Intelligencer and Ameriprise Financial Inc. Building vacancy was not immediately available.

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.

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