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SEATTLE-Cornish College of the Arts, a Seattle-based institution, has reached an agreement with neighboring St. Mark’s Cathedral to sell its three-story Cornish North building, as part of the college’s long-term plan to move to a downtown location.

The Cornish North building is a three-story, 45,000-sf facility that was built in 1925. It is located on Tenth Avenue East on Cornish Hill and includes a parking lot down the street. St. Mark’s, an Episcopalian cathedral, will use the property for religious gatherings and performing arts shows.

The college says the deal is expected to close in mid-August, but declined to disclose the sale price at this time. Cornish plans to remain in the building until the 2003 academic year.

This sale comes after the announcement last month that the college had purchased three buildings in the Denny Triangle as part of a plan to move the campus downtown. The college acquired the seven-story Lenora Square building, an 80-year-old landmark, and the nearby Sons of Norway Hall and Orion Building.

Seattle officials declined to release the purchase price of these buildings until September, when the deals close. However, Martin Smith Real Estate purchased the Lenora Square building in 2000 for nearly $15 million.

In order to relocate downtown, the college needs $71 million, which it is raising through donations and the sale of Cornish properties on Capital Hill.Tom Foster of Colliers International negotiated the deals.

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