SEATTLE—HFF has closed the $73.75 million sale of Smith Tower, a 268,748-square-foot, historic office tower and adjacent two-story Florence Building in Pioneer Square in downtown Seattle.
HFF marketed the property on behalf of the seller and sold the property to Unico Properties LLC, a Seattle-based real estate investment and operating company. Additionally, HFF placed a bank loan on behalf of the buyer with a foreign bank. The deal was announced Tuesday.
JLL Capital Markets also said Tuesday that it had moved the 15-story Blanchard Plaza in downtown Seatlle. JLL says Seattle's low unemployment pushed sales of office properties in late 2014.
The iconic Smith Tower is listed on the National Registry of Historic Places and is a City of Seattle Landmark. When Smith Tower was built in 1914, it was the tallest building west of the Mississippi until 1931 and the tallest building on the West Coast until 1962. In 2012-2013, the 42-story tower was substantially renovated. Located at 506 Second Avenue in downtown Seattle, the property is adjacent to the Pioneer Square and King Street train stations and within walking distance to the Seattle Ferry Terminal in downtown Seattle.
The HFF investment sales team was led by senior managing director Gerry Rohm, director Nick Kucha and senior real estate analyst James Childress.
HFF's debt placement team was led by managing director Tom Wilson and senior real estate analyst Erica Christensen.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.