The F.X. McRory Building, a turn-of-the-century building in Seattle, traded hands this week as Manchester Capital Management paid nearly $17.55 million for the property. The seven-story building at 419 Occidental Ave. S. was sold by Intracorp which previously purchased the building in 2007 for roughly $17.1 million; Goodman Real Estate had acquired the property three years prior to that for $8.5 million.
The property generated strong interest among buyers, according to comments from Kidder Mathews senior vice presidents Dave Speers and Andy Miller, the commercial real estate brokers who marketed the building for sale, in a Puget Sound Business Journal article. "We had well over 100 [potential buyers] registered, and we did over 40 tours, which is a personal record for us," said Speers, who has been in the real estate business 27 years.
The 85,725-square-foot brick building was built in 1906 for the Stewart and Holmes Drug Company and renovated in 2006, featuring large fir beams and exposed brick interiors. Just steps away from both Century Link and Safeco Fields, the property is home to the iconic FX McRory's Restaurant and Bar and includes 5 floors of office space above the restaurant. The building was 98% leased at the time of sale, according to Kidder Mathews.
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