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SEATTLE-An eight-story Downtown office building has been acquired by an affiliate of Gibraltar LLC, a locally based commercial real estate company, for $6 million. The 40,000-sf building was built in 1910 on one-eighth of a block fronting Third Avenue between Pike and Pine Streets in the retail core. It shares the block with Century Square, a 30-story office tower built in the mid 1980s.

The acquisition is a value-add opportunity. The building 73% leased, with most of those leases rolling in 2006. The current vacant space has been empty for about 18 months.

“There were a lot of dot-com tenants in the building,” says CB Richard Ellis broker Don Fosseen, who with Lou Senini represented the seller, Third Avenue Associates LLC, a group of local investors that have owned the building since the 1970s. “It’s a class B building that is a little tired; the new owners will clean it up to a B+.”

The concrete building has 5,200-sf floor plates, which allows a smaller tenant to have a full-floor presence. The upper floors were renovated in the late 1900s by dot-com tenants. The full-service asking lease rate is $16 per sf per year, according to Officespace.com.

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