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KBS Purchases Central Building In Downtown Seattle For $34.5M

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KBS Strategic Opportunity REIT has acquired the Central Building, an eight-story, 191,784-square-foot landmark office building in downtown Seattle for $34.5 million plus closing costs. What makes the sale interesting, per PSBJ, is that purchased the air rights above the building this spring, which is usually done to keep the right to build taller buildings nearby.

The seller, LaSalle Investment Management, appears to have taken a loss on the sale, having paid $43.1M in 2007.

Built in 1907 and renovated in 2002 through 2007, the Central Building features an architecturally-distinct brick and terra cotta façade. It was designated a historic landmark in 2008. Current tenants include the City of Seattle and the state Office of the Insurance Commissioner.
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