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SEATTLE-Sabey Corp. has sold the Seattle Post-Intelligencer Building here to Legacy Partners for $400 per sf or $40 million. Current major tenants of the five-story, 100,000-sf building at 101 Elliott Ave. W. include the Seattle Post-Intelligencer and Ameriprise Financial Inc. Building vacancy was not immediately available.

Locally based Sabey purchased the land in 1983 and developed the building, which opened in 1987 and sits adjacent to Myrtle Edwards Park. The new owner is a commercial and residential real estate firm based in Foster City, CA.

“This sale was an opportunity to capitalize on a mature investment and provide additional resources for other development activities,” says Sabey SVP John Sabey.

In April, Sabey acquired the 55.27-acre Associated Grocers headquarters and distribution facility at the south end of Boeing Field for $91 million and leased it back to AG for up to four years, giving Sabey time to plan the future of the property.

In October 2006, the company paid $9.9 million for the original Rainier Brewery on a five-block, 5.5-acre site along Airport Way in Seattle that it plans to redevelop the site with a mix of retail and residential. In August 2006, Sabey purchased 30 acres near Wenatchee in Douglas County for Intergate Columbia, a state-of-the-art data center campus.

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