SEATTLE-Clarion Partners, a leading real estateinvestment manager, has acquired 1600 Seventh Ave., a 32-story,598,000-square-foot office property in downtown Seattle for $137million. The purchase was made on behalf of a separate accountclient of the firm in an off-market transaction.
CenturyLink, formerly known as QwestCommunications was the seller of the building. CenturyLinkand its predecessor companies have continuously occupied theproperty since it opened in 1976 and will remain as a tenant inapproximately 260,000 square feet.
Simultaneous with the purchase, Clarion announced thatNordstrom Inc. has committed to a long-term leasefor over 300,000 square feet, bringing the occupancy of theproperty to 88%. The company expects to start moving into its newlocation beginning in fall 2012.
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