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Seller Takes $12M Loss On Pike Place Office Property Sale

In 2007, BlackRock paid $83.1M for the two-building Marketplace campus adjacent to Pike Place Market. Last week they sold it to a limited liability company associated with Ingersoll Realty Corp for $71.2M, absorbing an almost-$12M loss on the transaction.

Given what's to come for that region (removal of Viaduct, expansion of Pike Place Market, waterfront improvements), it's a curious proposition. The value of the property is set to skyrocket. The property also includes 426 parking stalls, many of which are used by tourists visiting the area.
· BlackRock sells Seattle office property at a $12M loss [PSBJ]

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