Seattle-based Unico Properties has purchased Smith Tower for $73.75 million. The acquisition included the landmark 268,748-square-foot, office tower and adjacent two-story Florence Building in Pioneer Square in downtown Seattle. The seller, CBRE, purchased the buildings at a foreclosure sale for just under $37 million in March 2012.
HFF marketed the property on behalf of the seller and placed a bank loan on behalf of the buyer with a foreign bank.
The iconic Smith Tower is listed on the National Registry of Historic Places and is a City of Seattle Landmark. When Smith Tower was originally built in 1914, it was the tallest building west of the Mississippi until 1931 and the tallest building on the West Coast until 1962.
In 2012-2013, the 42-story tower was substantially renovated. Located at 506 Second Avenue in downtown Seattle, the property is adjacent to the Pioneer Square and King Street train stations and within walking distance to the Seattle Ferry Terminal in downtown Seattle.
Smith Tower has an observation deck on the 35th floor and a three-story penthouse apartment that was added in the early 1990s.
The HFF investment sales team was led by senior managing director Gerry Rohm, director Nick Kucha and senior real estate analyst James Childress. HFF’s debt placement team was led by managing director Tom Wilson and senior real estate analyst Erica Christensen.
Photo credit: Christopeher Maloney