{"id":1004050354,"date":"2012-09-24T08:50:54","date_gmt":"2012-09-24T16:50:54","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=69965"},"modified":"2022-12-05T09:28:47","modified_gmt":"2022-12-05T17:28:47","slug":"seattle-property-sales-promise-new-prices-records","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/seattle-property-sales-promise-new-prices-records\/","title":{"rendered":"Seattle Property Sales Promise New Prices Records"},"content":{"rendered":"<p>By Alex Girda, Associate Editor<\/p>\n<p>The sale of Seattle\u2019s Russell Investments Center earlier this year scored a $480 million jackpot, but the city is already expecting that record to be blown out of the water. One of the city\u2019s most iconic skyscrapers is now on the market and ready to charge a premium around the $500 million mark.<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/1201ThirdAvenue.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-69971\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/1201ThirdAvenue.jpg\" alt=\"\" width=\"199\" height=\"300\" \/><\/a>1201 Third Ave., known as Washington Mutual Tower for the better part of its existence, at\u00a055 stories is the second-tallest building to grace Seattle\u2019s skyline, only\u00a0outmatched by the circa 1985 Columbia Center.<\/p>\n<p>The 772-foot skyscraper was completed in 1988 by local developer Wright Runstad, which continues to co-own the property. Its partners are San Francisco-based Shorenstein Properties and Beacon Capital Partners out of Boston.<\/p>\n<p>When Beacon Capital bought its stake in 2007, an appraiser valued the property at $379 million. However, it is currently pegged at $540 million, according to the <em>Seattle Times<\/em>. Beacon currently owns the majority interest and is looking to offload not only that property but also three smaller ones in nearby Bellevue, the <em>Times<\/em> noted. Eastdil Secured will be handling the sale.<\/p>\n<p>Also on track to break commercial real estate records is <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/seatoffice.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-69967\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/seatoffice.jpg\" alt=\"\" width=\"286\" height=\"300\" \/><\/a>the 11-building Amazon.com complex in South Lake Union, which owner Vulcan Real Estate <a href=\"https:\/\/www.commercialsearch.com\/news\/property-types\/office\/vulcan-expects-amazon-global-hq-in-seattle-to-sell-quickly\/\">put up for sale earlier this month<\/a>, according to a report on commercialsearch.com\/news, with expectations that it will sell as a whole or in parts by the end of the year. The <em>Times<\/em> noted the property could fetch around $1 billion and that Amazon itself could be a buyer, given its recent history of investing in its properties.<\/p>\n<p>Sale prices this year are bouncing back from a low in 2011, according to data from Marcus &amp; Millichap Real Estate Investment Services, even nearing 2010\u2019s per-square-foot average. Deals like Amazon\u2019s or 1201 Third Ave. will likely improve that figure.<\/p>\n<p>Chart provided by Marcus &amp; Millichap Real Estate Investment Services at <em>marcusmillichap.com\u00a0<\/em><\/p>\n<p>Image courtesy of <em>pnwarchitecture.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Alex Girda, Associate Editor The sale of Seattle&rsquo;s Russell Investments Center earlier this year scored a $480 million jackpot, but the city is already expecting that record to be blown out of the water. One of the city&rsquo;s most iconic skyscrapers is now on the market and ready to charge a premium around the [&#8230;]<\/p>\n","protected":false},"author":237,"featured_media":1004506543,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[1815],"class_list":["post-1004050354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-seattle","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Seattle Property Sales Promise New Prices Records - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/seattle-property-sales-promise-new-prices-records\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seattle Property Sales Promise New Prices Records\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor The sale of Seattle&rsquo;s Russell Investments Center earlier this year scored a $480 million jackpot, but the city is already expecting that record to be blown out of the water. One of the city&rsquo;s most iconic skyscrapers is now on the market and ready to charge a premium around the [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/seattle-property-sales-promise-new-prices-records\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-09-24T16:50:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T17:28:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/1201ThirdAvenue-1.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-property-sales-promise-new-prices-records\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-property-sales-promise-new-prices-records\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Seattle Property Sales Promise New Prices Records\",\"datePublished\":\"2012-09-24T16:50:54+00:00\",\"dateModified\":\"2022-12-05T17:28:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-property-sales-promise-new-prices-records\\\/\"},\"wordCount\":327,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-property-sales-promise-new-prices-records\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/1201ThirdAvenue-1.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"News\",\"Seattle\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-property-sales-promise-new-prices-records\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-property-sales-promise-new-prices-records\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/seattle-property-sales-promise-new-prices-records\\\/\",\"name\":\"Seattle Property Sales Promise New Prices Records - 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