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SEATTLE-Legacy Partners of Foster City, CA has acquired the 2505 Building, a seven-story, 70,000-sf office building in the Belltown area immediately north of the Downtown core. The acquisition price was $14.85 million, including a loan assumption. The seller, Los Angeles-based ACF Property Management, acquired the building in January 2000 for $12.8 million.

The building is located at 2505 Second Ave., which is several blocks south of Seattle Center. It was built in 1989 and is 95% leased with little near-term rollover.

The building has two full floor tenants. UW Physicians Network leases the second floor and Intracorp, which developed the building as well as the condominium development next door, leases the third floor. Rents in the building vary from $20 per sf to $24 per sf per year.

Don Fosseen and Lou Senini of CB Richard Ellis had the disposition assignment and procured the buyer. The agents reported a strong level of interest in the property from private and institutional investors, in part because the Belltown-Denny Regrade area is seeing strong growth from apartment, condominium and commercial development.

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