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Originally published April 18, 2007 at 12:00 AM | Page modified April 18, 2007 at 2:01 AM

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Business Digest

Exchange Building, former home to Seattle stock exchange, sold

Pacific Northwest The historic Exchange Building, originally built to house a Seattle stock exchange, has been purchased by The Ashforth...

Pacific Northwest

The historic Exchange Building, originally built to house a Seattle stock exchange, has been purchased by The Ashforth Co. for $80.6 million, or $273 a square foot. That's almost $100 a square foot more than the seller, Texas-based Crescent Real Estate, paid for it in February 2005.

At 821 Second Ave., the 23-story building is the first Seattle purchase for Ashforth, a commercial real-estate investor, developer and owner headquartered in Stamford, Conn. Ashforth, which owns numerous properties in Portland, partnered with GE Asset Management in the purchase.

The Exchange Building was completed in 1929 and converted to office space after that year's stock-market crash wiped out the need for a stock exchange. It was renovated in 2000, and its 295,432 square feet of "AA" space are fully occupied. King County is the anchor tenant.

Boeing

Japanese tanker delivery delayed

Boeing is at least six weeks late in delivering the first 767 air-refueling tanker to Japan, though company tanker spokesman Bill Barksdale said Tuesday there are no significant issues with the program.

The tanker, the first of four for the Japanese Air Force, was scheduled to be delivered in February. "We're ready to deliver it now, and working with our customer to establish when we can do that," Barksdale said.

He said finalizing the airplane took longer than anticipated "under an aggressive timeline."

The Japanese tanker made its maiden flight in December. Though a great deal of flight-test data was already available from test flights of the similar 767 tanker destined for the Italian Air Force, the Japanese systems must be tested separately. The Japanese tanker successfully deployed its refueling boom in February.

The Japanese and Italian tankers are similar to the 767 tanker Boeing is pushing in its bid for a massive U.S. Air Force contract against competition from Northrop Grumman and Airbus parent company European Aeronautic, Defence & Space (EADS)

Boeing

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Governance office getting new leader

Boeing named Wanda Denson-Low to replace Bonnie Soodik as head of the Office of Internal Governance.

Soodik will retire June 30 after a 30-year career, Boeing said Tuesday in a statement. Denson-Low, who leads the legal staff supporting Boeing Integrated Defense Systems, will hold the title of senior vice president and take the new post effective May 4.

Boeing created the Office of Internal Governance in November 2003 and appointed Soodik, previously head of human resources, to lead it. The department is in charge of internal audits, ethics, export and import compliance, and corporate-governance requirements.

Compiled from Seattle Times business staff and Bloomberg News

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