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August 3, 2017

Schoenfeld Building on First sells for $15.5M

By JOURNAL STAFF

The landmarked Schoenfeld Building at 1012 First Ave. has sold for $15.5 million, according to King County records.

The seller was MWIC 1012 Seattle LLC, an entity of Lake Union Partners, which acquired the property in 2014 for $4.3 million.

The buyer was KAR Standard LLC, which is associated with the private equity firm TA Associates of Boston and a Hawaii-based family investment group.

Stuart Williams of JLL represented the sellers, according to news accounts.

The Schoenfeld Building was constructed in 1893 with three stories. Two floors were added in 1899 by Louis Schoenfeld's Standard Furniture Co.

The building had 33,000 square feet when Lake Union Partners bought it; tenants at the time included Taboo Adult Video and the Central Loan pawn shop.

Lake Union Partners and its financial partners then renovated the building with a team including architect Weinstein A+U, structural engineer Coughlin Porter Lundeen and general contractor High Country.

The renovation added a new sixth floor and seismic bracing, reconfigured the ground-floor retail space and included other improvements.

The building now has about 36,000 square feet, with 5,000 square feet of retail at street level.

New tenants include Cone & Steiner and Moorea Seal.




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