Historic Buy May be the Last in This Cycle

The 95-year-old Dexter Horton is a 15-story 335,000-square-foot Art Deco office building.

SEATTLE—Historic Pioneer Square is becoming one of downtown Seattle’s most revitalized areas, offering tenants access to a range of recreational activities, cultural attractions, landmark destinations, and an array of restaurants, shopping and hotels. Recent activity there includes the CIM Group’s acquisition of the 95-year-old Dexter Horton building, a 15-story approximately 335,000-square-foot Art Deco office building with ground floor retail located at the southern edge of the Central Business District and the northern border of Pioneer Square. GlobeSt.com learns that a subsidiary of Hong Kong-based Great Eagle Holdings Ltd. sold the asset for $151 million. CIM Group had no comment on the transaction.

Built in 1924 for the first bank in Seattle, the building was extensively renovated in 2002 and again in 2015. The most recent renovation enhanced the building amenities, adding a penthouse lounge and rooftop deck, bike storage, shower and locker rooms, and an indoor dog lounge. Dexter Horton is occupied by tenants representing a diverse set of industries including technology, government, non-profit, media, healthcare and professional services.