CIM Group Buys Historic Office Building in Downtown Seattle for $151M
SEATTLE — CIM Group, a real estate owner and operator based in Los Angeles, has purchased the historic Dexter Horton Building in downtown Seattle. The seller and sales price were not disclosed, but the Puget Sound Business Journal is reporting that Great Eagle Holdings Ltd. sold the 15-story office building for $151 million.
The 335,000-square-foot Art Deco structure occupies a full city block at 710 2nd Ave. near the historic Pioneer Square area and Elliott Bay. The office building’s tenant roster includes companies in the technology, government, nonprofit, media, healthcare and professional services industries.
Built in 1924, the historic building was renovated in 2002 and again in 2015, resulting in the addition of a penthouse lounge, rooftop deck, bike storage, shower and locker rooms and an indoor dog lounge.
The property is named after Dexter Horton, the founder of the first bank in the city of Seattle. The office building was originally home to the Bank of Dexter Horton, which is Bank of America’s oldest bank in the Puget Sound region.
The office building features ground-floor retail space fronting 3rd Avenue leased to Pegasus Coffee, Working Washington and SEIU 775, a local healthcare workers union.
The transit-oriented property is situated across Cherry Street from the Pioneer Square Station, which provides light-rail service south to Sea-Tac International Airport and north to Capitol Hill and the University of Washington. The Dexter Horton Building also sits three blocks east of Interstate 5 and two blocks west of Highway 99.
Since 1994, CIM has led the acquisition of more than $60 billion of real estate projects across the country, both for itself and on behalf of its partners and co-investors. The company currently employs 925 workers in seven corporate offices.
CIM’s Seattle portfolio includes One Convention Place, a 17-story office building located on the southeast corner of Pike Street and 7th Avenue, and the Pine Street Garage, an 844-stall garage above approximately 20,000 square feet of retail space at 1601 3rd Ave.
Great Eagle Holdings Ltd. is a publicly traded real estate owner and investor based in Hong Kong. The company develops, invests in and manages residential, office, retail and hotel properties in Asia, North America, Australia and Europe.
— John Nelson