Rubicon Point Partners Acquires Masin Block in Downtown Seattle for $24.1M
SEATTLE — Rubicon Point Partners has acquired Masin Block, a string of four interconnected buildings in downtown Seattle’s historic Pioneer Square submarket, for $24.1 million. The current buildings total approximately 89,000 square feet and were built between 1899 and 1905.
The purchase was made through Rubicon First Ascent LP, a fund with $232 million of assets and the ability to acquire up to $770 million of property investment. The seller was Alexandria Real Estate. The project is equidistant from King Street Station and Pioneer Square Station, which provides commuter service to Tacoma and Amtrack Access to Portland and Vancouver. Masin Block encompasses the Stadium District, which is home to the Seattle Mariners, Seattle Sounders and Seattle Seahawks, creating opportunities for retail tenants.
The location benefits from Seattle’s $722 million waterfront project, which rerouted the former viaduct to a tunnel allowing for the creation of a series of parks that will activate the waterfront area further. The developer plans an innovative transformation of Masin Block, but provided no additional details.