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November 10, 2015

Dexter Horton price up $50M since 2013

Photo courtesy of CB Richard Ellis [enlarge]

The Dexter Horton Building sold for about $124.4 million, close to $50 million more than it went for in 2013.

An entity related to Gerding Edlen of Portland sold the building to Pacific Eagle Holdings Corp., a San Francisco-based affiliate of Great Eagle Holdings of Hong Kong.

The 15-story, 336,371-square-foot terra cotta structure at 710 Second Ave. sold for about $370 per square foot.

Gerding Edlen paid $76.6 million, or approximately $227 per square foot in 2013.

It was renovated in 2002, with seismic upgrades and other improvements. Gerding Edlen did additional work on the building, including updates to common areas and elevators and adding a rooftop deck, penthouse lounge, bike lockers and showers.

Dan Dahl of Colliers International, who is one of the leasing brokers along with David Gurry, said the building is approximately 90 percent leased. A few deals are in the works that could bring the building to approximately 96 percent leased, Dahl said.

The Dexter Horton Building was built in 1924, and was among the largest office buildings in the country in those days. The architect was John Graham Sr., who designed many of the large commercial and office buildings in Seattle.

The landmark building was named for Dexter Horton, who came from Illinois to Seattle in 1853 and founded the city's first bank.

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