Hong Kong Buyer Snaps Up Vintage Seattle Office
Great Eagle Holdings Ltd of Hong Kong acquired the 336k SF Dexter Horton Building at 710 Third Ave for over $124M, a considerably higher price than the last time the building traded hands. In 2013, it sold for over $76M.
The 1920s building is 89% leased, but half of the building's leases expire over the next five years, reports the Puget Sound Business Journal, so the Chinese owner has the opportunity to drive revenue as new leases are inked at rates more in line with current market conditions.
The largest tenant at the 93-year-old building is Bill Gates' Corbis Corp. [PSBJ]