Photo: Joe Mabel/Wikimedia
The 22-story Exchange Building in Seattle sold to the Blackstone Group for $156.5 million, more than double the price of its 2013 sale.
Designed in the art deco-style with a gilded lobby ceiling, the Exchange Building, opened in 1930 as the second tallest reinforced concrete structure in the country. It had been built to house stock and mercantile exchanges, but the Great Depression erased its original purpose. Traders never moved in, though the phone company later took some space in the building where operators ran exchanges, so the name stuck.
The most recent seller, Beacon Capital Partners, paid $66 million for the building four years ago, according to Puget Sound Business Journal. A third of the tower was vacant at the time, so Beacon began making major improvements to attract tenants.
Today the building is 85 percent leased. The building’s current tenants include Deloitte Digital, Nuance Communications and consulting company Slalom.
The Exchange Building sale is the city’s fifth-largest office deal of the year, reports PSBJ. Number one was the Amazon.com Inc.-occupied Midtown21 office tower, which sold for nearly $330.2 million. Facebook’s main Seattle office building, Dexter Station, went for $286 million. Another Amazon building, Urban Union, sold for nearly $269 million, and Tableau’s new headquarters went for close to $158 million.