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Gibraltar Tower in Seattle Trades for Conversion to Lofts
Lee & Associates brokered the disposition of Gibraltar Tower, 1518 Third Avenue, on behalf of their client HCP Properties, Inc. The property was sold to Parnassus LLC.
Gibraltar Tower was built in 1910 and is in the Pike-Pine Corridor. Situated directly across from Westlake Station and Park, the property offers unparalleled access to transit and amenities. The 41,705-square-foot building features seven stories of office space above ground-level retail, as well as a lower level for storage.
The property attracted interest from institutional value-add investors, local private capital, office owner-users, and multifamily developers seeking conversion projects. Ultimately, it sold for $2.75 million to a buyer planning to convert it into affordable artist lofts.
The Lee & Associates team of Alex Muir, Stuart Williams, McCallum Mead and Scotty Rowe facilitated the transaction. “This was a complex transaction that we were thrilled to see through to the end. Our client was patient throughout, and the result should be an adaptive reuse project that helps reshape downtown Seattle,” said Muir.
