LaeRoc Funds sold the Art Deco Seattle Tower at 1218 Third Ave. in Seattle this month for $30.45 million to Invesco Realty Advisors according to a Puget Sound Business Journal article. LaeRoc had purchased the property in April 2010 from Legacy Partners Realty Fund II for $20.65 million. Legacy, in turn, had acquired the building from Trinity Real Estate and Helix Investment Partners in August 2006 for just over $36 million.
The Art Deco Seattle Tower, built in 1929, is a 23-story Art Deco office high-rise located in the Seattle CBD. The building underwent significant seismic repairs and upgrades (prior to Legacy purchasing the property) caused by damage from the 2001 Nisqually Earthquake. The tower includes 189,931 square feet of office space and 13,320 square feet of retail space with occupancy at 85% accoding to OfficeSpace.com.
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