Seattle’s historic Dexter Horton Building sold for $77M
Gerding Edlen of Portland bought Seattle’s historic Dexter Horton Building for $76.6 million.
Seattle Times business reporter
Downtown Seattle’s historic Dexter Horton Building was sold Friday to Portland real-estate investment and development company Gerding Edlen for $76.6 million, according to county records.
That’s about $4.5 million less than the seller, a subsidiary of Prudential UK, paid for the landmark office building in 2006.
At 328,000 square feet, the terra-cotta clad Dexter Horton Building was one of the largest office buildings in the country when it opened in 1924.
The 15-story building, at Second Avenue and Cherry Street, is more than 90 percent occupied, according to commercial real-estate database Officespace.com.
A Gerding Edlen official was not immediately available to discuss the company’s plans for the building, a protected historic landmark since 1993.
Gerding Edlen, one of Oregon’s most prominent developers, has developed more than $5 billion of commercial and residential projects since 1996, according to the company’s website.
In Seattle, it’s now building two apartment projects: One on First Hill at Broadway and East Jefferson Street, the other in Pike-Pine corridor at Minor Avenue and Pine Street.
Gerding Edlen also built Bellevue Towers, a downtown Bellevue condo complex whose two towers are the Eastside’s tallest buildings.
It delivered the project in early 2009 after the condo market crashed, and turned the towers over to lenders in late 2010 to avoid foreclosure.
Eric Pryne: firstname.lastname@example.org or 206-464-2231