Alexandria Real Estate Equities has sold a Sodo office for $5 million, a steep discount from what the building at 830 Fourth Ave. S. last sold for five years ago.
The property houses Turner Construction Co.’s Seattle office. The 53,480-square-foot building was bought by an entity affiliated with the real estate development company Puget Properties. The deal amounts to $93 per square foot, reported the Puget Sound Business Journal.
The building was constructed in 1913 and sits on a third of an acre. Its assessed value is $16.7 million. It underwent a renovation to upgrade the 3,680-square-foot lobby, which included installing a new exterior storefront and interior curtain wall, a lobby buildout, and a shared conference room. The property is adjacent to a separate three-acre site Alexandria purchased in 2020 for $42 million. The company still owns the site at 1000 Fourth Ave. S., which is used for parking, but it has filed no plans to redevelop it.
The post Alexandria Real Estate Equities Sells Sodo Building for $5M appeared first on Connect CRE.
​Â