Historic building near Qwest Field sells for $14.5 million
Reedo Building was damaged in Nisqually earthquake in 2001.
Seattle Times business reporter
A historic building near Qwest Field was sold Monday by Seattle developer Urban Visions to a Canadian partnership for $14.5 million, according to county records.
Urban Visions acquired the four-story Reedo Building at 542 1st Ave. S. in 2002 for $700,000 and renovated it. The 1904 building, which also fronts Occidental Avenue South, had been damaged extensively by the Nisqually earthquake in 2001.
"It was a good time for us to sell," said Greg Smith, Urban Visions principal. "Now we've got a nice war chest to go out and look for new opportunities."
Starbucks leases most of the office space in the 54,000-square-foot building, but has moved out and subleased its floors to other companies, Smith said.
Elysian Brewing leases the ground floor.
The building's new owner is a limited partnership associated with Nicola-Crosby Real Estate Investments of Vancouver, B.C.
Eric Pryne: 206-464-2231 or email@example.com