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Alexandria Real Estate Equities Sells Sodo Building for $5M
Alexandria Real Estate Equities has sold a Sodo office for $5 million, a steep discount from what the building at 830 Fourth Ave. S. last sold for five years ago.
The property houses Turner Construction Co.’s Seattle office. The 53,480-square-foot building was bought by an entity affiliated with the real estate development company Puget Properties. The deal amounts to $93 per square foot, reported the Puget Sound Business Journal.
The building was constructed in 1913 and sits on a third of an acre. Its assessed value is $16.7 million. It underwent a renovation to upgrade the 3,680-square-foot lobby, which included installing a new exterior storefront and interior curtain wall, a lobby buildout, and a shared conference room. The property is adjacent to a separate three-acre site Alexandria purchased in 2020 for $42 million. The company still owns the site at 1000 Fourth Ave. S., which is used for parking, but it has filed no plans to redevelop it.
