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