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June 18, 2003

Rreef closes deal on tower for $89.5M

By JOURNAL STAFF

SEATTLE -- Rreef Funds closed yesterday on buying the One Convention Place office skyscraper in downtown Seattle for $89.5 million, King County property records show.

The San Francisco-based pension fund adviser bought the 309,000-square-foot structure for one of its clients from the Virginia Retirement System.

Rreef executive James Carbone confirmed that Rreef completed the purchase. The price equals $289 per square foot.

The 17 stories of Class A offices stand atop a corner of the expansion of the Washington State Trade & Convention Center. Trammell Crow Co. developed the property in the late 1990s, with the Virginia Retirement System as its capital partner. The offices appear to be about 90 percent leased.

Broker Mike Allmon of Trammell Crow put the sale together.


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