San Francisco-based real estate investment manager Swift Real Estate Partners has purchased 425 Pontius in Seattle for $39.5 million. The four-story, 75,267-square-foot building, which is in the center of the South Lake Union, is 60 percent occupied.

“The proximity to the I-5 freeway and central location in the South Lake Union submarket drew us to 425 Pontius,” Kurt Nelson, a director at Swift Real Estate Partners, said. “This is a rare opportunity in an outstanding submarket, and we look forward to carrying out our business plan to add value to the asset.”

Plans for the property now include upgrading it for its current tenants and to help attract new tenants seeking office space in the South Lake Union submarket. The rebrand will include a full renovation of the building with cosmetic upgrades to the lobby, elevators, and all of the building’s common areas as well as exterior renovations.