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April 22, 2016

Onni pays $30M for 1929 office building

By JOURNAL STAFF

Courtesy Kidder Mathews [enlarge]

An entity that shares an address with Onni Group's Phoenix office purchased a historic 15-story, 151,000-square-foot office building at 1411 Fourth Ave. in downtown Seattle, property records show.

The 87-year-old structure sold for $29.75 million, or approximately $235 per net square foot.

The seller is an entity related to Solon Mack Capital, which is run by the Mack family. The Mack family teamed up in 2013 with Urban Partners and Harbor Urban to form the real estate firm Mack Urban. Mack Urban's Seattle office is in the 1411 Fourth building.

The structure is on the National Register of Historic Places.

Onni did not return a request for comment.

This Onni's first purchase of an office building in Seattle. It paid $62.5 million in 2013 for two blocks in South Lake Union bounded by Denny Way, Thomas Street, and Fairview and Boren avenues north. Onni is planning to build almost 2,000 residential units on those blocks.

Its website says Onni has built more than 6,000 homes in the last decade, and owns and manages more than 5 million square feet of commercial property and 4,600 apartments. It has offices in Vancouver, Toronto, Phoenix, Los Angeles, Chicago and Mexico.




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