The building, constructed in 1981 at Seventh Avenue and OliveWay, was formerly known as the Marsh & McLendon Building. Itwasn't considered part of downtown until the downtown activitybegan creeping into its neighborhood during the 1990s.
The estimated $70-million sale price was all the morespectacular because seller San Francisco-based Rreef Funds boughtthe tower for $34.6 million in December 1996. Nearby, Nordstrom andSeattle-based Clise Properties Inc. are developing a538,000-square-foot office building to be used principally asadministrative offices for the Seattle retailer.
The location has improved markedly since 1996, when Rreef Fundsbought the tower from G.E. Capital Investment Advisory Group, inwhat one real estate source called "a leap of faith for them tobelieve that all these things were going to happen."
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