Thursday, January 30, 2014

Seattle’s Historic Pioneer Building Sold by Marcus & Millichap for $12.3 Million


Pioneer Building, northeast corner of First Avenue and James Street at 606 1st Ave.
in Seattle’s Pioneer Square District.

Vincent Schwab
SEATTLE, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the historic Pioneer Building in downtown Seattle. The $12,343,658 sales price equates to $205 per square foot.

                Vincent Schwab, a senior vice president investments, and Jon Holmquist, a vice president investments, both in Marcus & Millichap’s San Francisco office, along with Christopher Secreto, an associate vice president investments in the firm’s Seattle office, represented the buyer and seller.

Christopher Secreto
                Raymond Allen, a director in MMCC’s Seattle office, arranged $8.64 million in CMBS financing for the transaction.

                “The Pioneer Building is a Seattle landmark with a long history,” says Schwab. “It also has a fantastic downtown location just six blocks from CenturyLink Field, home of the National Football League’s Seattle Seahawks and eight blocks from Safeco Field, home of Major League Baseball’s Seattle Mariners.”

                “Family-owned for more than 32 years, the Pioneer’s Building’s original details have been highlighted and preserved wherever possible,” adds Secreto.

Jon Holmquist
                The 89,335-square-foot Pioneer Building was built in 1892 on the northeast corner of First Avenue and James Street at 606 1st Ave. in Seattle’s Pioneer Square District. Pioneer Square, which dates back to 1852, was Seattle’s original downtown.

                “We are seeing a significant increase in the amount of office and industrial transactions lately,” says Allen. “The Pioneer Building is one of many turn-of-the-century buildings and the second office/mixed-use building that MMCC has financed this year.”

                The 10-year CMBS loan is fixed at 4.89 percent and amortizes over 30 years. The LTV is 70 percent.

Raymond Allen
                The Pioneer Building consists of six stories of office and retail and a basement. Romanesque vertical pilasters highlight the Victorian era-influenced facades and entablatures and Romanesque Revival elements are manifest in the round arches over groups of windows and the arched main entrance and corner entrance.

                The property has received numerous upgrades over the years, including a seismic retrofit in 1974, a new roof in 2001, a complete overhaul of the ventilation and air systems and a meticulous major restoration and refinishing of much of the interior and exterior stone and woodwork.

 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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