SEATTLE-KBS Strategic Opportunity REIT, a public non-traded real estate investment trust based in Newport Beach, CA, has acquired the Central Building, a landmark, eight-story office building in the city's central business district. The 191,784-square-foot asset sold for $34.5 million plus closing costs.
Built in 1907 and renovated in 2002 through 2007, the Central Building features an architecturally distinct brick and terra cotta façade that highlights its strategic location in the heart of Seattle's CBD, four blocks east of the waterfront and only blocks away from Highway 99 and Interstate-5.
The class-B-plus asset was designated a historic landmark in 2008 and has undergone consistent improvements that helped it maintain institutional quality standards, including the complete restoration of its marble-clad lobby with 18.6-foot ceilings and two grand stairways. It includes a ground-floor retail component and was 82% leased at the time of purchase.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
